Esure to acquire Gocompare
Insurer esure is set to acquire the remaining 50 percent of price comparison business Gocompare for £95 million.
Morrell, current deputy chief operating officer of esure, will be appointed as Gocompare CEO. Hayley Parsons, the founder of Gocompare, will leave the business upon completion.
Peter Wood, chairman of esure, said: "This is another positive milestone for esure. Gocompare has always been an exciting business and it has developed strongly following our original investment into one of the UK's leading financial services brands. This move lays the ground for further development of Gocompare as part of the group's strategy of diversifying income streams."
Stuart Vann, CEO of esure, added: "This is a great opportunity for the esure group to acquire the remaining share of an important and innovative player in the price comparison market at an attractive price. While the esure group and Gocompare will continue to operate on a strictly independent basis, regarding partnerships and comparison services, I believe that there are significant opportunities available for Gocompare to grow revenues and profitability over the medium to long term.
“Over the past seven years, I have overseen the investment in Gocompare and believe that the time is now right for esure group to acquire the remaining 50 percent of the business and take the business to the next level.
