Bankrate Inc Completes Acquisition Of Insurance Generation And Marketing Assets Of InsWeb Corporation

Bankrate Inc announced that it has successfully completed the acquisition of substantially all of the assets of InsWeb Corporation relating to InsWeb's insurance lead generation and marketing business. Bankrate and InsWeb had previously announced that they had, on October 10, 2011, entered into a definitive agreement for this acquisition. The agreement specified the assets to be purchased, in exchange for the assumption of certain liabilities and the payment of $65 million in cash, subject to adjustments. InsWeb is retaining a portfolio of e-commerce and online insurance distribution patents, which it will license to Bankrate on a perpetual, royalty-free, non-exclusive basis. Bankrate was advised in this transaction as to financial matters by Stifel Nicolaus Weisel, and as to legal matters by Wachtell, Lipton, Rosen & Katz. InsWeb was advised as to financial matters by GCA Savvian, and as to legal matters by Sidley Austin LLP.