Bankrate May Sell Notes To Pay For CreditCards.com & NetQuote Inc ?
July 28, 1 Comment - Author: Simon JohnsonThis Bloomberg announcement caught my attention this morning. Its about a company called Bankrate who provide information on creditcards and mortgages.
The article speculates that Bankrate:
“may sell $280 million of five- year notes to help pay for the acquisition of NetQuote Inc. and CreditCards.com Inc., according to a person familiar with the offering who declined to be identified because terms aren’t set. “
According to the WSJ, it paid “$145 million for CreditCards.com“.
I’m not one to speculate on things like this, but if true (and being a public company it will come out eventually) we have a public company that:
a) Has a huge asset (creditcards.com) on the books.
b) Is actively engaging in acquiring such a blue chip asset.
I hope they keep it (or sell it to me for $1 – I’d be happy either way).
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Keep in mind it is also a full fledged company- I wonder how much it would have been appraised as if it had been sold without the business.