Bankrate, perhaps best known for its Bankrate.com website, has been acquired by Apax for $571 million in cash. Bankrate monitors and generates leads for over 4,800 bank throughout the country. It provides comparison of financial products such as mortgages, credit cards, car loans, etc.
Bankrate also runs Interest.com, Mortgage-calc.com, Savingforcollege.com, CreditCardGuide.com, and Bankaholic.com which it acquired last year.
Apax Partners is a private equity and VC group based in the UK. Apax is the seventh largest private equity firm globally. Apax will acquire all common stock of Bankrate for $28.50 per share. The acquisition price is a premium over 15.8 percent of Bankrate’s market value as of yesterday.