Admiral completes sale of Penguin Portals to ZPG Comparison Services
ZPG Comparison Services Holdings UK (RVU) has completed the purchase of Penguin Portals Group and a 50 percent stake in Preminen Price Comparison Holdings from Admiral Group.
Penguin Portals owns online comparison portals Confused.com, Rastreator.com and LeLynx.fr, as well as Admiral Technologies.
Mapfre has also sold its 25 percent holding in Rastreator and 50 percent holding in Preminen as part of the transaction.
The total transaction value, including the amount attributable to Mapfre, is £508 million, with that amount settled in cash on completion. Admiral received around £460 million, net of minority interests and transaction costs, in connection with the deal.
Admiral said it will return a majority of the net proceeds to shareholders, given its strong solvency and liquidity position, though it is retaining a portion to support investment in new business development over the coming years.
Milena Mondini, chief executive officer of Admiral Group, said: “We believe that this was the right choice for Admiral and our shareholders, as well as for the long-term success of these businesses, as they will find additional synergies and opportunities to further grow and fulfil their ambitions with RVU.”
Admiral was advised by Houlihan Lokey, Clifford Chance and KPMG.
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