Apax to Purchase Bankrate, Take Company Private

Jul 24, 2009

Equity firm Apax Partners has arranged to acquire Bankrate, Inc., an aggregator of financial rate information, and take the company private. Under the terms of the agreement, Apax, which has more than $35 billion under advice, will purchase all of Bankrate's outstanding common stock at $28.50 per share, a premium of more than 15% over the going rate for Bankrate stock. The transaction, expected to close around the end of 3Q, is valued at roughly $571 million.