- XLMedia announces the acquisition of, a Canadian credit-card comparison websites, for a total consideration of $9.3m.

The consideration is payable in cash. The acquisition is expected to complete during the first quarter of 2017 and is expected to be earnings enhancing following completion.

Financial services is a key growth vertical for the Group and the acquisition of Greedyrates is XLMedia's first significant publishing asset in this sector.

The acquisition will significantly enhance the Company's presence in North America and is a further demonstration of XLMedia's ability to diversify its revenue streams.

The Company will integrate Greedyrates into its proprietary Palcon infrastructure to enable improved day to day maintenance and performance and intends to further develop XLMedia's offering and geographical reach within financial services.

The acquisition agreement includes additional domains which the Company also plans to use and develop.

The credit card and payment card markets continue to grow, with projected CAGR of purchase transactions by credit cards1 of 4.52% in Canada and 6.36% in the US for 2014 to 2024. The Board believes this anticipated growth market offers significant opportunity for future growth and expansion.

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