Red Ventures to buy Bankrate for $1.24 billion

(Reuters) - Bankrate (N:RATE), an online publisher of personal finance content, said on Monday it would be acquired by digital marketing company Red Ventures for $1.24 billion.

Bankrate's shares rose 7 percent to $13.75 in premarket trading, slightly below the offer price of $14 per share.

The deal, expected to close in 2017, has an enterprise value of $1.4 billion.

Charlotte, North Carolina-based Red Ventures' investors include Silver Lake Partners and General Atlantic.

J.P. Morgan is Bankrate's financial adviser and Wachtell, Lipton, Rosen & Katz is the legal adviser.

Bank of America (NYSE:BAC), Barclays (LON:BARC), Citigroup (NYSE:C), Credit Suisse(SIX:CSGN), Fifth Third Bancorp (NASDAQ:FITB), Mitsubishi UFJ and PNC Financial (NYSE:PNC) are acting as financial advisers to Red Ventures, and are providing debt financing to the company.