Ybrant fails to complete Experian deal

City-based digital marketing solutions provider Ybrant Digital Limited’s deal with US-based Experian Interactive Media (EIM) to buy the latter’s three Internet brands has missed the deadline.

“The proposed deal to buy the Experian properties could not be completed within the committed time line. The company is working towards the same and will notify the exchange as soon as some concrete developments occur,” Ybrant said in a statement.

EIM is one of the top five internet advertisers in the US.

Announcing the deal in May this year, Ybrant had said that EIM’s three internet brands — comparison shopping engine PriceGrabber.com that powers Yahoo! and MSN Shopping, free online service LowerMyBills.com that allows consumers to compare rates on various ‘fixed cost’ items such as mortgage, auto insurance and health insurance, and online higher education portal ClassUSA.com — would add a business of $283 million (around Rs 1,500 crore), an employee strength of over 300, and the entire management team to the company.

Of the total purchase price, $100 million will be paid in cash, which ICICI and Credit Suisse had already agreed to sanction as loan. The remaining $75 million will be through a seller note as a short-term arrangement of two to three years, Ybrant Digital’s chairman and managing director Suresh Reddy had earlier said.

Once through, this will be the eighth acquisition for Ybrant in the last eight years and its second successful foray into acquiring premium destination sites.

The company had acquired Lycos.com in 2010 for $36 million.