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FindWhat & eSpotting Search Advertising Firms Merge

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FindWhat & eSpotting Search Advertising Firms Merge

FindWhat.com, a pay-per-click search engine advertising firm (a solid paid search service – with solid partners and a sound global reputation), finally announced today the signing of an amended agreement to merge with privately-owned ESPOTTING MEDIA INC. The merger is intended to create an international leader in performance-based Internet marketing with combined operations and partnerships across the globe. Highlights include:

Merger of United States-based FindWhat.com and European-based Espotting
Combined company expected to offer paid listings to 12 countries on three continents
Combined company expected to have relationships with over 100,000 online businesses globally

Under the proposed terms of the transaction, which was approved by the board of directors of each company, Espotting stockholders will receive 7.0 million shares of FindWhat.com common stock and approximately $20.0 million in cash. The amount of cash Espotting stockholders will receive may vary based upon Espotting’s net assets on the closing date. FindWhat.com will also issue options and warrants to purchase an estimated 800,000 shares of FindWhat.com common stock to Espotting employees and affiliates. At FindWhat.com’s closing share price on February 6, 2004, the transaction values Espotting at approximately $170 million (GBP 92 million / Euro 134 million).

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Loren Baker

Loren Baker is the Founder of SEJ, an Advisor at Alpha Brand Media and runs Foundation Digital, a digital marketing ... [Read full bio]

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