Germany’s Global Savings Group (GSG), the e-commerce content company, has acquired French cashback company iGraal for €123.5 million in a mixture of cash and stock.

Specifically, the deal was reached with iGraal’s majority owner M6 Group, and consists of €35 million in cash and the remaining made up of an exchange of shares. The acquisition is said to be one of the largest in the cashback and loyalty space in recent years, with iGraal considered the leading digital cashback player in France.

“In 2019, GSG and iGraal jointly saw more than six million members using its loyalty tools and connected advertisers to around 400 million consumers,” says GSG. “The deal makes GSG the largest rewards, savings and shopping content platform in Europe”.

As a result of the acquisition, Munich-based GSG says it expects to have more than half a billion shopping-related touchpoints and to facilitate over 40 million transactions to its merchant partners in 2020. (Coronavirus world recession permitting.)

It is also talking up the data is has access too, saying that the additional user interactions provide GSG with valuable new insights into the shopping behaviour of millions of consumers worldwide and will enable it to build an “even smarter” advertising platform for its partners.

In combination, iGraal and GSG say the two companies intend to expand their cashback and loyalty solutions into new European markets and significantly increase its member base and reach. Despite strong investments and market expansion, GSG expects to stay profitable also in 2020,” adds the company.

Meanwhile, the acquisition of iGraal follows GSG buying Pouch, the U.K.-based money-saving browser extension, in January 2019. This saw the Pouch team join GSG, and Pouch founders Ben Corrigan, Jonny Plein, and Vikram Simha becoming Pouch “Global Product Leads” at GSG.

Launched publicly in September 2016, Pouch is best known for its shopping tool that automatically alerts buyers to working voucher codes as they visit over 3,000 U.K. e-commerce sites. The Pouch browser extension is available for Google Chrome, Safari and Firefox.