Milbank Advises ProSiebenSat.1 on Acquisition of Verivox from Oakley Capital

ProSiebenSat.1 is further strengthening its strategic eCommerce business through its 7Commerce subsidiary by acquiring a majority stake in Verivox, Germany’s largest independent consumer portal for energy.

With this largest digital acquisition to date, ProSiebenSat.1 is expanding its activities in the fast-growing segment of comparison portals. ProSiebenSat.1 is acquiring 80 percent of the shares in Verivox for a purchase price of around EUR 170 million. On top of this comes a variable purchase price component, the amount of which is subject to the operating profit of Verivox in the year of 2015. This amounts to a maximum of EUR 40 million. The former owners under the leadership of Oakley Capital will continue to hold a minority interest in the company. The acquisition is subject to approval by the German Federal Cartel Office.

Christian Wegner, Member of the Executive Board, Digital, ProSiebenSat.1 Group: “Verivox has outstanding growth potential and is a highly attractive brand. In recent years, the company has invested heavily in the expansion of its comparison services and now has a comprehensive portfolio which, in addition to energy, includes the telecommunication, insurance, and financial service segments. In the years ahead we will draw upon the marketing power of our TV stations to establish Verivox as a leading portal in this segment.”

Mark Joseph, Partner of Oakley Capital Private Equity: “We would like to thank Chris Öhlund and the Verivox management team for their impressive performance in recent years and we look forward to working with ProSiebenSat.1 and management to further accelerate the dynamic development of Verivox in future.”

Chris Öhlund, CEO of the Verivox Group: “We are very pleased to have found a strong new partner and owner with ProSiebenSat.1. Jointly, we will work together to further accelerate the growth of Verivox’s unique consumer proposition by deploying ProSiebenSat.1 media power. This will aid our efforts to increase awareness of our new business segments in car insurance, telecommunications and preferential online credits offers. Additionally, our market leading energy comparison service will now be made aware to more consumers who will directly benefit by their opportunity to save money for free.”