British retailer GUS Plc said today its Experian unit had bought US-based online shopping service PriceGrabber.com for $485 million.
Privately owned PriceGrabber, founded in 1999, allows shoppers on the Internet to compare prices of products from different online retailers.
GUS said the comparison shopping services market in the United States in which PriceGrabber competes was worth about $400 million in 2004, with market projections for yearly growth around 40 per cent over the next five years.
PriceGrabber is forecasting sales of $60 million this year. PriceGrabber also powers comparison shopping on more than 300 websites, including About.com, Ask Jeeves, Bell South, Comcast and MSN.
GUS split off its luxury fashion business Burberry this week, paving the way for the splitting of its final two businesses: Argos, which includes Homebase DIY chain, and Experian, a credit checking and business services arm.
GUS said the PriceGrabber acquisition plus expenses were funded from its exisiting bank facilities. GUS shares closed at 983-1/2 pence on Tuesday, valuing the group around Stg£10 billion ($17.7 billion).