LendingTree, Inc. (NASDAQ:TREE) Files An 8-K Other Events
Item 8.01. Other Information
subsidiary of the Company, acquired all of the membership
interests of Camino Del Avion (Delaware), LLC, a Delaware limited
liability company, which does business under the name
MagnifyMoney (MagnifyMoney), to a Membership Interest Purchase
Agreement (the Purchase Agreement), dated June 20, 2017, by and
among Buyer, MagnifyMoney, its sole member and certain principals
of the sole member. This purchase was completed in the ordinary
course of the Companys business. MagnifyMoney is a leading
consumer-facing media property that offers unbiased editorial
content, expert commentary, tools and resources to help consumers
compare financial products and make informed financial decisions.
million of cash consideration for all of the membership interests
of MagnifyMoney at the closing of the transaction, subject to
certain adjustments. Buyer deposited $2.95 million of such
purchase price into an escrow account to secure the
indemnification obligations of MagnifyMoney to the Purchase
Agreement. The sole member and its principals agreed to indemnify
on a joint and several basis the indemnification obligations of
MagnifyMoney under the Purchase Agreement, subject to the terms
and limitations thereof. Buyer also has an option to acquire a
foreign affiliate of one of the principals for a nominal purchase
price any time during the three years after the closing.
two key employees of MagnifyMoney restricted stock unit awards
for a total of 38,468 shares of Company common stock ($6.7
million value at June 20, 2017), and may issue a further
restricted stock unit award for 19,234 shares ($3.3 million value
at June 20, 2017) to a third key employee of the foreign
affiliate should he become employed by Buyer or its subsidiaries
following Buyers exercise of the option to acquire the foreign
affiliate. All of these restricted stock units will vest, if at
all, on the basis of performance conditions following the
acquisition.
the acquisition of MagnifyMoney. A copy of the press release is
attached as Exhibit 99.1 to this Current Report on Form 8-K and
is incorporated herein by reference.
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Exhibit No.
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Exhibit Description
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99.1
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Press Release, dated June 20, 2017.
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LendingTree, Inc. ExhibitEX-99.1 2 exhibit991-pressrelease620.htm EXHIBIT 99.1 Exhibit Exhibit 99.1June 20,…To view the full exhibit click here About LendingTree, Inc. (NASDAQ:TREE)
LendingTree, Inc. (LendingTree), formerly Tree.com, Inc., is engaged in operating an online loan marketplace for consumers. The Company offers a range of loan types and other credit-based offerings for its consumers. The Company operates through Lending activities segment. The Company’s online marketplace provides consumers with access to product offerings from various lenders, which it refers to as Network Lenders, including mortgage loans, home equity, reverse mortgage, auto loans, credit cards, personal loans, student loans and small business loans, and other related offerings. It offers tools and resources, including free credit scores that facilitate comparison shopping for these loans and other credit-based offerings. It offers its products in categories, including mortgage products and non-mortgage products. Its mortgage products category includes its purchase and refinance products. The Company’s non-mortgage products include lending products and other products. LendingTree, Inc. (NASDAQ:TREE) Recent Trading Information
LendingTree, Inc. (NASDAQ:TREE) closed its last trading session down -1.05 at 181.00 with 107,924 shares trading hands.
