Online coupon company RetailMeNot has reportedly agreed to sell its assets to internet information and services company J2 Global, in a transaction expected to close in the fourth quarter, according to an official statement.
J2 Global has entered into a purchase agreement to acquire RetailMeNot for approximately $420 million from Vericast, a premier marketing solutions company.
Upon completion of the transaction, J2 Global expects to provide an update on the estimated financial contribution of the acquisition.
“We are excited at the prospect of adding RetailMeNot, and their talented employees, to our portfolio of brands dedicated to helping consumers save money and find deals, while delivering performance marketing solutions to retailers and brands,” commented Vivek Shah, CEO of J2 Global.
J2 Global current portfolio consists of a wide range of brands, featuring IGN, Mashable, Humble Bundle, Speedtest, PCMag, Offers.com, Spiceworks, Everyday Health and BabyCenter.
RetailMeNot partners with than 5,000 retailers including Macy’s Inc., Sephora, and Best Buy Co., according to its website – compiling coupon codes and cash-back options for customers shopping online and in stores.
As reported in Bloomberg, RetailMeNot previously held sale discussions with interested buyers including private equity firms while getting financial advice from Evercore Inc. throughout the process.
The deal is expected to close during Q4 this year.