Insurance giant plans to return most of £450m proceeds to shareholders
29 December 2020 • 1:26pm
Zoopla Property Group (ZPG) is buying the insurer Admiral’s UK and European price comparison businesses as it continues its rapid growth 12 years after its launch.
ZPG’s price comparison arm, RVU, will pay £508m for Admiral’s Penguin Portals, which includes Confused.com and Rastreator.com; its 50pc share in Preminen Price Comparison; and the Spanish insurance giant Mapfre’s 50pc stake in Preminen and 25pc stake in Rastreator.com
Admiral expects to get about £450m and plans to return most of the proceeds to shareholders, saying the deal was good value for them. It is keeping hold of its US comparison business compare.com.
FTSE 100 hits highest since March on Brexit trade deal cheer reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
29 December 2020 | 07:21am
StockMarketWire.com - Insurance company Admiral said it had reached an agreement to sell Penguin Portals and Preminen comparison businesses to RVU, the comparison division of ZPG, for £508 million.
Under the terms of the agreement, RVU purchased Penguin Portals Group including online comparison portals Confused.com, Rastreator.com and LeLynx.fr and the group s technology operation Admiral Technologies and the company s 50% share of Preminen Price Comparison.
The proceeds to Admiral, net of minority interests and transaction costs, would be around £450 million. In light of the strong solvency and liquidity position of the group, Admiral expects to return a majority of the net proceeds to shareholders, though will retain a portion to support investment in new business development over the coming years, the company said.
UK TOP NEWS SUMMARY: Ryanair, Wizz Air Restrict Non-EU Voting Rights
Tue, 29th Dec 2020 11:25
(Alliance News) - The following is a summary of top news stories Tuesday.
COMPANIES
Ryanair Holdings and Wizz Air Holdings confirmed that UK shareholders will have little or no say in the running of the two European budget airlines, starting from Friday. Dublin-based Ryanair said it must take steps to ensure that it will remain majority EU owned and controlled following the end of the Brexit transition period. The Irish carrier said it will treat all shares held by non-EU nationals, including UK nationals, as restricted shares from Friday. This means the holders of the shares will not be entitled to attend, speak or vote at any general meeting. Ryanair also said it will extend its existing prohibition on non-EU nationals buying ordinary shares to apply to Britons. It said UK nationals will not be required to sell shares they already own, but they will lose all say in the running of the
Zoopla owner to buy most price comparison businesses of Admiral in 508 million pounds deal reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.