FindWhat, Espotting Shareholders OK MergerPaid search provider FindWhat.com moved one step closer to completing its lengthy acquisition of European paid listings company Espotting. The companies' shareholders approved the proposed acquisition in separate meetings last week.
FindWhat, Fort Myers, FL, expects the deal to close officially July 1. When it does, it will marry FindWhat's U.S. paid listings network of hundreds of small and midsize sites with Espotting's network in 10 European countries. Unlike FindWhat, which has carved out a niche mostly outside of the orbit of Google and Yahoo's Overture Services, London-based Espotting competes for distribution deals with the search giants in Europe.
FindWhat agreed to acquire Espotting a year ago in a deal valued then at $163 million. The deal was put into limbo three months later after FindWhat discovered problems with Espotting's finances. The two companies eventually signed an amended merger agreement in February that lowered the cash and shares earmarked for Espotting shareholders.