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.
