Laguna Hills-based Interchange Corp. said Wednesday it plans to buy Sweden’s Inspire Infrastructure 2i AB for up to $22.5 million in a cash and stock deal.
Interchange, which offers paid Internet search services, said Inspire shareholders will receive $15 million in cash plus up to $7.5 million in stock depending on performance during the next two years.
Inspire, an Internet and wireless search company, will be renamed Interchange Europe when the deal closes. The acquisition will be made by Interchange Europe Holding Corp., a newly created unit that’s wholly owned by Interchange.
The deal’s closing is expected in the first quarter, Interchange said.
“Our five-point growth strategy includes enhancement of our local-search services, international expansion and acquisitions,” said Interchange Chief Executive Heath Clarke. “We believe that this transaction achieves all three of the above.”
Interchange went public in October. Its shares have more than doubled since its initial public offering to $18.7 at midday Wednesday, up 1% on the day.
