(Reuters) -British polling company YouGov (LON:YOU) on Thursday announced the acquisition of the consumer panel business of German market research firm GfK SE for 315 million euros ($342.4 million).
GfK's consumer panel business encompasses over 100,000 households, with panels across 16 European countries.
The London-listed YouGov said consumer panel business, with its large user base for market research, will stretch its offering to fast-moving consumer goods (FMCG) sector and boost its offering to U.S. clients.
"This transaction is important for us strategically, extending our offering further into the under-penetrated FMCG sector, bringing with it long-standing relationships with a blue-chip client base," YouGov CEO Stephan Shakespeare said in a statement.
The deal is expected to complete in the second half of 2023.
The GfK unit was expected to be sold after Advent-owned NielsenIQ was reportedly set to secure EU antitrust clearance for its proposed acquisition of GfK on the condition GfK sells its consumer panel business.
($1 = 0.9199 euros)