Listed media group Future plc is set to buy GoCo Group for £594m after announcing it had agreed terms on its recommended offer.

In a market statement, Future said: “We have agreed the terms of a recommended offer for GoCo Group plc, the price comparison business, which values the entire issued and to be issued share capital of GoCo Group at £594m on a fully diluted basis.

“We believe that the combination will significantly strengthen the Future Group's proposition of seeking to address the growing consumer demand for informed and value driven purchasing decisions enabled by intent driven content.

“We believe the Combination provides a truly unique opportunity to capitalise on the combination of Future’s deep audience insight with GoCo's expertise in price comparison and the proprietary technology of both the Future Group and the GoCo Group.”

The £594m deal comprises around £450m in equity via the issue of 22.9m Future shares, and £144m in cash, funded by increasing the Group's debt facilities through a £215m two-year term loan. In addition, the Group's £30m short dated COVID-19 facility has been
cancelled. On completion the Group will have total facilities of £350m.

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