Online metasearch product maker InfoSpace Inc. has signed a definitive agreement to acquire online tax product provider TaxACT for $287.5 million in cash after the Justice Department blocked H&R Block from buying the company.
Block had announced in October 2010 that it planned to acquire 2SS Holdings, which owns TaxACT developer 2nd Story Software, for the same amount (see H&R Block to Acquire TaxACT for $287.5M). But the Justice Department filed an antitrust lawsuit to prevent the acquisition, arguing that Block already owned the second most popular consumer tax prep product on the market, H&R Block At Home, formerly known as TaxCut (see DOJ Files Suit to Stop H&R Block from Buying TaxAct). TaxAct is the third most popular consumer tax prep software, with Intuit’s TurboTax leading the market. A federal judge agreed with the Justice Department last November and ruled against Block (see Judge Blocks H&R Block from Buying TaxACT).
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