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Moonpig Group has announced the proposed acquisition of the entire issued share capital of Buyagift, the gift experiences platform, for cash consideration of £124m.
The company said that the acquisition will “unlock the £6bn UK gift experiences segment” of the £57bn total addressable gifting market.
Buyagift has over 4,400 experience partners, offering over 4,800 experiences across categories including short stays, theatre and shows, dining out, afternoon tea and family days out.
It operates through two brands, Buyagift and Red Letter Days.
Moonpig group CEO, Nickyl Raithatha, said: “The proposed acquisition of Buyagift rapidly accelerates Moonpig Group’s journey to become the ultimate gifting companion.
“There is strong strategic rationale for the transaction, and compelling financial benefits. Buyagift is profitable and highly cash generative, with a proven track record of strong growth and we are excited by the ways that we can further transform the business using the group’s proven playbook.”
He added: “We see significant potential for the cross-selling of gifting experiences to Moonpig Group’s loyal customers. We look forward to working with the Buyagift team to deliver an enhanced proposition for our customers and to create value for our shareholders.”
