NEW YORK Yahoo! on Friday said it plans to acquire Kelkoo, a leading European online comparison-shopping service. Yahoo! will purchase up to 100 percent of the share capital of Kelkoo for an aggregate cash purchase price of approximately $570 million. The transaction is expected to close during the second quarter.
"Commerce has emerged as a key component of search, and the combination of Web search, product search and comparison shopping will help further Yahoo!'s goal to create the most comprehensive and best user experience on the Web globally," said Terry Semel, chairman and chief executive officer, Yahoo! "Kelkoo will add depth and breadth to Yahoo!'s integrated network of services for consumers, and adds another set of powerful tools for marketers seeking to reach them."
Kelkoo has operations in nine countries reaching nearly 10 percent of all European Internet users. Kelkoo enables consumers to quickly and easily find products through its product search engine, then compare prices from more than 2,500 merchants with more than 3 million products across 25 categories, including books, films, music, games and consoles, mobile phones, travel, computing, consumer electronics, fashion and cars.
"Kelkoo is rapidly becoming essential in the daily lives of millions of Europeans making it an important addition to the Yahoo! network," said John Marcom, senior vice president international operations at Yahoo!
Kelkoo will become a subsidiary of Yahoo! following completion of the acquisition. Pierre Chappaz will continue to lead Kelkoo's operations.
—Adweek staff report