Admiral to sell Confused.com and European comparison sites to ZPG for £508m
Admiral said it expects to return a majority of the proceeds to shareholders, although some cash will be kept for investment.
Insurance giant Admiral has agreed to sell its comparison website business which includes Confused.com to the owner of rival Uswitch in a deal worth around £508 million.
It told investors on Tuesday that it has agreed to sell the Penguin Portals arm, which also includes Rastreator.com, LeLynx.fr, the group’s technology operation and its 50% share in Preminen Price Comparison Holding to ZPG (Zoopla Property Group).
ZPG has said it will control the acquired businesses through its comparison site division, RVU.
Spanish insurance giant MAPFRE said it will also sell its stake in Rastreator.com and Preminen as part of the deal.
