Add-on Acquisition • Internet Software and Services

Yahoo! Acquires Kelkoo S.A.D.C.S

On March 26, 2004, Yahoo! acquired internet software and services company Kelkoo S.A.D.C.S from CITA INVESTISSEMENT and AC Desarrollo for 475M EUR

Acquisition Context
  • This is Yahoo!’s 15th transaction in the Internet Software and Services sector.
  • This is Yahoo!’s 6th largest (disclosed) transaction.
  • This is Yahoo!’s 1st transaction in France.
Investment Fate
  • Kelkoo S.A.D.C.S was divested to a consortium of buyers in 2008.

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M&A Deal Summary

Date March 26, 2004
Target Kelkoo S.A.D.C.S
Sector Internet Software and Services
Buyer(s) Yahoo!
Sellers(s) CITA INVESTISSEMENT
AC Desarrollo
Deal Type Add-on Acquisition
Deal Value 475M EUR

Target Company

Kelkoo S.A.D.C.S

Paris, France
Kelkoo is the European comparison shopping service, operating in 9 countries: UK; Germany; France; Italy; Spain; Holland; Denmark; Sweden; and Norway.
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Buyer Overview 1

Buyer

Yahoo!

Sunnyvale, California, United States

Category Company
Founded 1994
Sector Internet Software and Services
Employees9,400
Revenue 5.0B USD (2015)
DESCRIPTION
Entrance to Yahoo's corporate campus in Sunnyvale, California.
Entrance to Yahoo's corporate campus in Sunnyvale, California.

Yahoo! is a provider of internet search tools, content, and communication services. Yahoo! was formed in 1994 and is based in Sunnyvale, California.


Deal Context for Buyer #
Overall 23 of 117
Sector: Internet Software and Services 15 of 65
Type: Add-on Acquisition 23 of 111
Country: France 1 of 1
Year: 2004 3 of 7
Size (of disclosed) 6 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-25 AlltheWeb

United States

AlltheWeb is a provider of internet search engine.

Buy $100M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-12 Oddpost

San Francisco, California, United States

Oddpost.com, is a provider of online e-mail and news services.

Buy -

Seller Profiles 2

SELLER

CITA INVESTISSEMENT

Paris, France

Category Private Equity Firm
Founded 1985
PE ASSETS 76M EUR
Size Small
Type Sector Agnostic
DESCRIPTION

CITA INVESTISSEMENT is an investment firm focused on providing capital across various business stages. CITA will consider providing venture capital for start-ups, development capital for companies in expansion, as well as funding leveraged buyouts of mature companies. CITA does not specialize in any particular industry sector and looks primarily at the management team when evaluating opportunities. CITA will consider investing as little as $1 million in venture transactions to as much as $15 million for leveraged buyouts. CITA INVESTISSEMENT was established in 1985 and is based in Paris.


Deal Context for Seller #
Overall 5 of 15
Sector: Internet Software and Services 1 of 3
Type: Add-on Acquisition 3 of 7
Country: France 5 of 14
Year: 2004 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-31 Direct Energie SA

Paris, France

Alternative electricity provider for SMBs

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-14 Synerway

Saint Remy-Les-Chevreuse, France

Appliance for saving and restoring data

Buy -
SELLER

AC Desarrollo

Madrid, Spain

Category Private Equity Firm
Founded 1999
PE ASSETS 345M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

AC Desarrollo is the private equity arm of Ahorro Corporación, a financial services group. AC Desarrollo focuses on acquiring middle market businesses throughout Spain. AC has no industry preferences and will consider both majority and minority positions in portfolio companies. Sectors AC has invested in include food/beverages, domestic cleaning products, air conditioning, toys, telecommunications, retail, and software. Prospective transaction situations include buyouts (MBOs, MBIs, and LBOs), consolidations, startups, and growth capital financing. AC Desarrollo was formed in 1999 and is based in Madrid. The Firm is no longer active.


Deal Context for Seller #
Overall 5 of 25
Sector: Internet Software and Services 1 of 1
Type: Add-on Acquisition 1 of 8
Country: France 1 of 1
Year: 2004 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-11-01 Tegraf SL

Barcelona, Spain

Tegraf SL is a provier of Business Services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-01 Persan SA

Sevilla, Spain

Persan S.A. manufactures household cleaning products. It offers detergent powders, fabric softeners, dishwashing detergents and liquids, tablets, liquid detergents, laundry activators, floor cleansers, washing-up-liquids, and polishing agents.

Sell -