This will be divided between £60m upfront in a mix of cash and shares and a further £27m upon MSE meeting non-financial performance targets in the next three years. Mr Lewis intends to give £1m of this sum to Citizens Advice.
The consumer finance website, which was set up by Martin Lewis in 2003, currently has 39 million unique visitors. Mr Lewis will remain editor-in-chief and says an editorial code has been agreed to preserve the independence of the site.
Mr Lewis said the deal meant he would have more time to devote to his campaigns such as financial education.
“MoneySavingExpert.com has become part of people’s daily lives, far bigger than the man who founded it, and now is the right time for it to stand on its own two feet.
“I am chomping at the bit to get going and come up with new ways to help people save cash and continue campaigning on issues such as PPI and getting financial education on the curriculum.”“I chose MoneySupermarket to work with as I know and trust them. They understand the site, as they’ve shown by agreeing the Editorial Code, which ensures our content can proudly remain independent and free from commercial considerations.
Peter Plumb, chief executive of comparison site MoneySupermarket, said: “By joining forces we can get more people to save more money. We’ll help MoneySavingExpert reach a wider audience and it will broaden the range of advice and tools we offer, encouraging even more people to take action, tap into the benefits of the Internet to find a better deal and make the most of their money.”
The deal is subject to clearance by the Office of Fair Trading and is expected to be completed by October.