Martin Lewis sells MoneySavingExpert for £87m
Finance commentator Martin Lewis has sold his MoneySavingExpert website to Moneysupermarket in a deal which will make him upto £87m.
Lewis, who set up the finance tips site in 2003, will remain as editor-in-chief.
Subject to the deal being approved by the Office of Fair Trading, Lewis will net an initial £35m plus shares in MoneySupermarket.com worth £25m.
He stands to receive a further £27m in cash and shares after three years.
Lewis said: "This is great news for MoneySavingExpert.com and its users, ensuring, with or without me, the site will be around for many years to come, maintaining our ethos of 'cutting your costs and fighting your corner'.
"MoneySavingExpert.com has become part of people's daily lives, far bigger than the man who founded it, and now is the right time for it to stand on its own two feet."
Peter Plumb, chief executive of MoneySupermarket, added: "We've worked closely together for years with the common goal of helping customers save money.
"We'll help MoneySavingExpert.com reach a wider audience and MoneySavingExpert.com will broaden the range of advice and tools we offer, encouraging even more people to take action, tap into the benefits of the internet to find a better deal and make the most of their money."