(Reuters) – Investment adviser Oakley Capital Investments Ltd (OCL.L) said on Monday its unit had acquired a 51 percent stake in Verivox Holdings Ltd, an independent online consumer price comparison business for energy and telecom services. Oakley said its Oakley Capital Private Equity LP unit, which invests in mid-market UK and European businesses, had bought 49 percent of Verivox from Independent News and Media Plc (INM) for 16 million euros ($23.83 million) through VVX (Bermuda) Ltd, a newly incorporated wholly owned subsidiary.
Oakley said VVX bought a further 2 percent interest in Verivox from its founding managers.
“Verivox was acquired with no material net debt after taking into account the repayment of a 2.3 million-euro (gross) shareholder loan to INM from available cash resources,” the company said in a statement.
Verivox’s EBITDA for the year ending Dec. 31 is expected to exceed 10 million euros, the company added. ($1=.6713 Euro) (Reporting by Kumar Alagappan in Bangalore; Editing by Deepak Kannan)