Future gets FCA approval for GoCo takeover

Media company Future said on Monday that its £594m acquisition of GoCompare owner GoCo has been approved by the UK's Financial Conduct Authority.

Future, which publishes Country Life magazine, announced in November last year that it had agreed to buy GoCo in a deal that values the company at 136p a share. Under the terms of the deal, GoCo shareholders will receive 0.052497 new Future shares and 33p in cash for each of their shares.

Announcing the acquisition last year, Future said: "The complementary content and price comparison offerings of the combined group will more broadly be able to address a wider range of key purchasing decisions for consumers and help them save money.

"The Future directors believe the combination provides a truly unique opportunity to capitalise on the combination of Future's deep audience insight, GoCo Group's expertise in price comparison and the proprietary technology of both groups."

The takeover is due to be voted on by shareholders on 14 January.