By Joey Gardiner, 12 June 2000 14:18
NEWS Business directory service Scoot.com has bought free paper and online classified advertiser, Loot for £190m.
Analysts have been expecting the deal since April when Scoot.com CEO Robert Bonnier, hinted he was in acquisition talks.
Scoot backer Vivendi funded most of the acquisition with a £178m investment.
Scoot.com says the move will create the UK's largest online consumer marketplace. A spokesman said the company would keep the two brands separate in the bricks and mortar world, but will merge the websites.
CEO of Scoot UK Jon Molyneux acknowledged that, while both companies had established brands, both realised the real growth areas in their businesses are in the online arena.
He said: "We want to help consumers think about the next step when purchasing. For example, if I have just bought a car from Loot, then I will be prompted to think about insurance and other services that Scoot can direct me too. We expect to generate £20m of revenue from these kind of synergies."
'Experian links up with property Web sites' http://www.silicon.com/a37824
'Scoot swoops to scoop Loot' http://www.silicon.com/a37135
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