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Ybrant’s Deal To Acquire PriceGrabber, LowerMyBills & ClassesUSA From Experian Misses Deadline

Hyderabad based Ybrant Digital‘s deal to acquire PriceGrabberLowerMyBills, and ClassesUSA.com from Experian for $175 million has missed its deadline. In a statement to the stock exchanges, Ybrant has said that “the proposed deal to buy the Experian properties could not be completed within the committed timeline. The Company is working towards the same and shall notify the exchange as soon as some concrete developments occur.”

According to the terms of the deal, $100 million was being paid in cash and the rest was via a $75 million “loan note”. For the year ended March 31st 2012, revenues from these businesses were $283 million, while EBIT was $20 million. More on the proposed deal here.

Ybrant also announced last month that it was raising Rs 110 crore from Experian, as a part of a Rs 210 crore fund raising, the rest via openly convertible loans from ICICI Bank and Credit Suisse.

On the Bombay Stock Exchange, Ybrant ended the day at Rs 77.60, up Rs 1.65 (2.17% ).

The full statement from Ybrant

With reference to the earlier announcement dated May 10, 2012, wherein the Company have informed that they have entered into an agreement to purchase PriceGrabber, LowerMyBills, and ClassesUSA.com from Experian, Ybrant Digital Ltd has now informed BSE that the proposed deal to buy the Experian properties could not be completed within the committed timeline. The Company is working towards the same and shall notify the exchange as soon as some concrete developments occur.

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