Go Compare will be bought by Future (LON: FUTR), the UK’s biggest magazine publisher, in a deal worth £594m.
Future, which owns brands including Country Life and Marie Claire, has purchased the price comparison technology so that readers are able to read independent reviews and seek the best deals for insurance and bills.
Chief executive Zillah Byng-Thorne said: “We’ll be like the shop where the assistant can offer you advice on the best product, then show you where to buy it.”
“At Future, we’ve long understood that Google wants good content and user experience so when we write content it normally ends up ranking highly in search. With GoCo we can draw that attention to GoCo’s offer options.”
GoCo Group (LON: GOCO) is the parent company of GoCompare. Investors in the group will receive 33p in cash and 0.05 shares in Future.
Future is a publisher that has seen strong demand over the pandemic, where brands such as Total Guitar, Practical Caravan, and Real Homes have seen a boom as people are staying at home and pursuing new hobbies.
Online traffic to Golf Monthly saw an increase of 18,000% as people looked into how to make their own golf course in their back gardens.
Earlier this week Future published results for the year to the end of September. The group saw a 53% rise in revenues and a 300% surge in pre-tax profits.
Future shares (LON: FUTR) are currently trading -14% at 1.685,40 (1435MGT). In the year to date, shares have fallen from highs of 2.185,00. Shares in GoCo Group are +8.91% at 119,80 (1435GMT).