Trade Me sells LifeDirect back to former owner

Wed, 22 Jan 2020

Trade Me has sold its LifeDirect business back to the financial adviser it bought it from, saying the insurance comparison website doesn’t fit its portfolio anymore.Lower Hutt-based financial adviser Mark Solomon has agreed to buy back the business for an undisclosed sum, with settlement expected on April 1.Trade Me bought LifeDirect in late 2013 for $7.5 million, including earn-outs. While the business remained profitable, chief executive Anders Skoe said it didn’t fit with the online marketplace’s strategy under new ownership.“We don’t think...

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