BBC News
Published
image captionAdmiral has its headquarters in Cardiff, as well as offices in Swansea and Newport
Insurer Admiral Group is selling part of its business, including online portal Confused.com, in a deal valued at £508m.
Price comparison firm RVU will buy its Penguin Portals and Preminen businesses.
Admiral was launched in 1993 selling car insurance over the phone in Cardiff with a team of just 57.
Chief Executive David Stevens said the deal was a positive outcome for customers, employees and shareholders.
image copyrightGetty Images It is the right choice for the long-term success of the businesses, he said.
3 Min Read
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window) Brexit deal sparks rally in UK stocks FTSE 100 at highest since March Hut Group rises on online retailer acquisition FTSE 100 up 1.6%, FTSE 250 adds 1.7% (Updates to market close)
Dec 29 (Reuters) - Britain’s blue-chip FTSE 100 index ended at its highest since March on Tuesday as investors returned from a long weekend to cheer a post-Brexit trade deal that averted a chaotic exit from the European Union.
In its first day of trading after the deal, the blue-chip FTSE 100 index gained 1.6%, logging its best day since Nov. 9.
Updated / Tuesday, 29 Dec 2020
13:40
The price comparison arm of Zoopla Property Group has agreed to buy Admiral s Penguin Portals and Preminen businesses
British insurer Admiral said today the price comparison arm of Zoopla Property Group will buy its Penguin Portals and Preminen businesses that include online portal Confused.com in a deal valued at £508m.
Zoopla s RVU will acquire Penguin Portals, which also includes Rastreator.com, LeLynx.fr and Admiral s technology operation, and its 50% share in Preminen Price Comparison Holdings.
Global insurer MAPFRE will also sell its 25% stake in Rastreator and 50% holding in Preminen to RVU as part of the deal.
Admiral sells comparison websites for £500m thetimes.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thetimes.co.uk Daily Mail and Mail on Sunday newspapers.
Insurance giant Admiral has struck a deal to sell Confused.com and its other European comparison websites to Zoopla, the owner of rival Uswitch, for around £508million.
The FTSE 100 firm said it will return the majority of the proceeds from the sale to shareholders, while using the rest to invest in the business over the coming years.
The news sent shares in Admiral rising 3 per cent to £30.12 in early trading on Tuesday.
Sold: Admiral is selling Confused.com and its other European comparison websites to the owner of rival Uswitch, Zoopla Property Group, in a deal worth around £508million
The deal will see Admiral selling its Penguin Portals arm - which includes Confused.com in the UK, as well as Rastreator.com in Spain and LeLynx.fr in France - to Zoopla Property Group s comparison site division RVU.