By BFN News | 01:09 PM | Friday 30 April, 2021 Admiral Group has announced that ZPG Comparison Services Holdings UK (RVU) has completed the purchase of Penguin Portals Group.
This comprises the online comparison portals Confused.com, Rastreator.com and LeLynx.fr and the group?s technology operation Admiral Technologies. It also includes its 50% share of Preminen Price Comparison Holdings Limited.
MAPFRE has also sold its 25% holding in Rastreator and 50% holding in Preminen as part of the transaction.
The total transaction value, including the amount attributable to MAPFRE, is £508 million and has been satisfied in cash on completion.
The proceeds to Admiral, net of minority interests and transaction costs, amounts to approximately £460 million.
UK Insurer Admiral Sells Price Comparison Unit to Zoopla in $685 Million Deal
UK home and car insurer Admiral Group Plc agreed to sell its price-comparison unit to the owner of property portal Zoopla in a transaction valued at 508 million pounds ($685 million).
Admiral will get about 450 million pounds in the cash deal, which is expected to be completed in the first half of next year, according to a company statement on Tuesday. Spanish insurer Mapfre SA is also selling stakes in two of the businesses.
Shares in Admiral rose by as much as 3.6% to a record 3,027 pence in London on Tuesday.
Admiral agrees to sell Confused.com in £500 million deal
The insurance giant will sell its comparison website business in a deal with rival Uswitch
09:52, 29 DEC 2020
Updated
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