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Admiral sells Penguin Portals, Preminen comparison businesses for £508m | 29 December 2020


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. ....

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