Sprawling Internet conglomerate USA Interactive is to buy Web-based home loan network LendingTree for $734 million in stock.
USA Interactive, which also owns Ticketmaster and the Home Shopping Network, claims a base of nearly 40 million monthly Internet users and is forecasting revenues of $6 billion in 2003.
"For several years now we have been saying that the most exciting sector is in both financial services and real estate," says Barry Diller, the former enetertainment mogul and chairman and chief executive of USA Interactive. "We waited appropriately long enough to find the perfect solution — LendingTree."
LendingTree generated more than $111 million in revenue in 2002 by matching borrowers through its network of more than 200 brokers and banks.
The deal is expected to close by late summer.