Yahoo has been rumored to be selling Paris-based comparative shopping site Kelkoo for some time now, and it appears that they have found a buyer. Yahoo acquired Kelkoo in 2004 for €475 million.
The company has been sold to a UK-based private equity firm called Jamplant Ltd for something less than €100 million, according to sources with knowledge of the deal.
Ex-Kelkoo CEO Pierre Chappaz announced the news on his blog (in french), and a copy of the internal email announcing the acquisition is below.
The company has lost much of its momentum since the Yahoo acquisition in the face of significant competition.
The email is below.
Yahoo is considering “strategic options” for comparative shopping site Kelkoo, including a possible sale, according to a report at FT.com
Yahoo acquired Kelkoo in 2004 for €475 million ($670 million). Paris based Kelkoo has continued to offer a standalone comparative shopping service, whilst being used to power Yahoo Shopping sites for the United Kingdom, France, Germany, Spain, Italy and Taiwan.
Yahoo told FT that “One of the priorities we have identified is to improve the performance of Kelkoo…we are starting a process to give Kelkoo more independence – while we evaluate strategic options for the long-term future of the business.”
Yahoo’s restructure after the departure of CEO Terry Semel has continued to grow in pace, with a number of services being added to the Deadpool and talks of staff downsizing. The admission that Kelkoo is not performing well for Yahoo follows the massive write-down of Skype by eBay, although comes at a time where Microsoft is buying in this space.
