Merger In Search Category
Jun 18, 2003, 12:00 AM
European online marketplace Espotting Media announced an agreement to FindWhat.com. Both companies operate online searchengine-based marketplaces that connect the consumers that are most likely to purchase specific goods and services with the advertisers that provide those goods and services. Daniel Ishag, Founder and CEO of Espotting, said: "In one transaction both companies achieve a step change in scale which should allow us to capitalize fully on the rapid expansion in performance-based online marketing. The combination will allow the two companies to bring together the best of their respective talents. We believe this will help enhance the expert local knowledge they each bring to their respective markets, rewarding advertisers with increased ability to achieve greater reach through one company. This is an exciting opportunity to develop our businesses." Under the proposed terms of the transaction, Espotting stockholders will receive approximately 8.1 million shares of FindWhat.com common stock and approximately $27.0 million in cash.