Admiral (LON: ADM) to sell its comparison website business for over £500 million

Spanish insurance group Admiral Group Plc (LON:ADM) has decided to sell off its comparison website business, including Confused.com, to the Uswitch owner for £500 million.

  • Besides, it will also sell the Penguin Portals arm, which includes Rastreator.com, LeLynx.fr, and its 50 per cent share in Preminen Price Comparison Holdings to Zoopla Property Group.
  • Zoopla will be managing the acquired business of Admiral through its comparison site division, RVU.
  • As part of the deal, RVU will also acquire tech unit Admiral Technologies, while MAPFRE has also agreed to sell its 25 per cent holding in Rastreator and 50 per cent holding in Preminen.
  • The deal will be finalised in the first half of 2021, and it will be subject to regulatory approval.
  • The deal is worth £508 million in total. Admiral will get about £450 million after deducting the transaction and other costs.
  • It is expected that Admiral would return a majority of the sale proceed to the shareholders while retaining a part to be used in new business development in the future.
  • Group CEO of Admiral, David Stevens, commenting on the development stated that RVU’s acquisition of company’s UK and European comparison businesses presents a positive outcome for the customers and employees, apart from providing good value to the shareholders.
  • On 30 December 2020, the stocks of the company traded marginally higher by 0.17% from its previous closing, hovering at around GBX 3,027.00 at 08:05 AM GMT+1.

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