LendingTree,Inc. (NASDAQ:TREE) Files An 8-K Other EventsItem 8.01.Other Information
Acquisition of SnapCap
On September 19, 2017, LendingTree, LLC (“Buyer”), a wholly-owned subsidiary of LendingTree, Inc. (“the Company”), acquired certain assets of Snap Capital LLC, a Delaware limited liability company, which does business under the name SnapCap (“SnapCap”), to an Asset Purchase Agreement (the “Purchase Agreement”), dated September 19, 2017, by and between Buyer and SnapCap. This acquisition was completed in the ordinary course of the Company’s business. SnapCap, a tech-enabled online platform, connects business owners with lenders offering small business loans, lines of credit and merchant cash advance products through a concierge-based sales approach.
Under the terms of the Purchase Agreement, Buyer paid $12 million of cash consideration for the assets of SnapCap at the closing of the transaction. Buyer deposited $1.2 million of such purchase price into an escrow account to secure the indemnification obligations of SnapCap to the Purchase Agreement. Additionally, at the closing, Buyer received guarantees from certain owners of SnapCap to which each such person guaranteed, on a several and not joint basis, the indemnification obligations of SnapCap under the Purchase Agreement, subject to the terms and limitations thereof.
to the Purchase Agreement, SnapCap is also eligible to receive up to three payments of $3million each based on certain defined operating results during the period commencing on October 1, 2017 and ending on March 31, 2020. These additional payments, to the extent earned, will be payable in cash.
On September 19, 2017, the Company issued a press release announcing the acquisition of SnapCap. 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.
Item 8.01.Financial Statements and Exhibits.
LendingTree, Inc. ExhibitEX-99.1 2 exhibit991-pressrelease919.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Sep 19,…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.
