"Our objective is to find a buyer who fully appreciates the value of thepowerful uSwitch brand and its market-leading position for energy switching inthe
"While we believe firmly in the vitality of the business, we've concludedthat uSwitch and its future might be better served if it were part of anothercompany that could add more direct value to a services comparison business,"NeCastro said. "Further, the success our team at uSwitch has had positioningits energy-switching business for future growth makes this precisely the righttime to pursue a transaction."
Founded in 2000 following the deregulation of energy supplies in the U.K.,uSwitch has grown to become the United Kingdom's leading destination forconsumers seeking the best rates for electricity and natural gas services.uSwitch also has expanded its price comparison and switching product offeringsinto other service categories, including personal finance, auto insurance andtelecommunications.
Recently redesigned and improved, uSwitch helps its customers save timeand money by providing them with an intuitive, easy-to-use interactive pricecomparison tool. Based on personal energy consumption data that customersprovide, uSwitch easily identifies for consumers which energy provider candeliver the most economical service.
Scripps Networks Interactive has engaged the investment banking firm of
No timetable for completion of a transaction has been established.
uSwitch is one of two online subsidiaries that comprise the InteractiveServices business segment at Scripps Networks Interactive. The othersubsidiary is Shopzilla, which includes its related online comparison shoppingbrand, BizRate.
The decision to seek a buyer for uSwitch has no bearing on Shopzilla,which the company will continue to operate. Shopzilla is in the process ofexecuting competitive repositioning, including enhancing the comprehensivenessof product content on the Web site, improving the overall consumer experienceand increasing its focus on measurable returns on investment for participatingonline merchants.
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