Angi Inc. Acquires Additional Interest in MyBuilder

Rhea-AI Summary

Angi Inc. (NASDAQ: ANGI) has acquired an additional 20% interest in its MyBuilder business, a UK marketplace for vetted tradesmen. This deal, which follows Angi's initial 75% stake purchase in 2017, incurs a one-time expense affecting Adjusted EBITDA and operating income by approximately $6 million for Q1 2021. The acquisition aims to strengthen Angi's position in home services in the UK.

Positive

• Acquisition of 20% interest in MyBuilder enhances market presence in the UK.
• Building on previous investment (75% stake) in MyBuilder indicates confidence in the business model.

Negative

• One-time expense of approximately $6 million impacts Adjusted EBITDA and operating income.

DENVER, March 31, 2021 (GLOBE NEWSWIRE) -- Today, Angi Inc. (NASDAQ: ANGI) announced it acquired an additional 20 percent interest in its MyBuilder business, a leading marketplace in the United Kingdom for discovering vetted, quality tradesmen.

In connection with the acquisition, Angi will record a one-time expense, impacting Adjusted EBITDA and operating income by approximately $6 million in the quarter ending March 31, 2021.

Angi purchased its original stake in MyBuilder—75 percent of the company— in 2017.

About Angi Inc

Angi Inc. (NASDAQ: ANGI) is your home for everything home—a comprehensive solution for all your home needs. From repairs and renovations to products and financing, Angi is transforming every touch point in the customer journey. With over 25 years of experience and a network of nearly 250,000 pros, we have helped more than 150 million people with their home needs. Angi is your partner for every part of your home care journey.

IAC/Angi Inc. Investor Relations
Mark Schneider
(212) 314-7400

Angi Corporate Communications
Mallory Micetich
(303) 963-8352

FAQ

What did Angi Inc. announce on March 31, 2021?

Angi Inc. announced the acquisition of an additional 20% interest in its MyBuilder business.

How much did Angi Inc. spend on the MyBuilder acquisition?

Angi reported a one-time expense of approximately $6 million related to the acquisition.

What is the significance of the MyBuilder acquisition for Angi?

The acquisition increases Angi's stake in a leading UK marketplace, strengthening its position in the home services market.

When did Angi Inc. originally invest in MyBuilder?

Angi Inc. initially purchased a 75% stake in MyBuilder in 2017.