|LendingTree to be Acquired by USA Interactive
Stock swap valued at more than $600 million
May 6, 2003
By MortgageDaily.com staff
|LendingTree.com announced its forthcoming acquisition by Internet giant USA Interactive.
LendingTree.com and USA Interactive issued a joint press release Monday announcing the stock-for-stock transaction, estimated at between $626 and $734 million.
According to figures on the LendingTree.com site, the company has facilitated closings of $48 billion in various loans and cooperates with 200 participant lenders. In joining USA Interactive, LendingTree adds financial services and real estate to USA’s growing portfolio.
According to LendingTree’s earnings statement for first quarter 2003, the company facilitated closings of almost 33,000 mortgage loans totaling $6.9 billion. For home equity loans, the earnings statement recorded 16,000 transactions valued at $1 billion.
USA’s CEO and Chariman Barry Diller praised Lending Tree as an “excellent company” with “great and deep management strength.”
USA claims 40 million unique users per month accessing its services, which include Expedia.com, Match.com, Hotels.com, Citysearch and Ticketmaster. USA intends to widen LendingTree’s eight million unique-user base by cross-promotion with its other popular services, the statement said.
The deal awaits LendingTree’s shareholder approval and other closing conditions and is expected to be completed by late summer, according to the statement.
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