Bulletin of Industry
Insurance giant Admiral has agreed to sell to the owner of rival Uswitch its settlement websites business, which includes Confused.com. The contract is worth roughly 508 million pounds.
On Tuesday, the company told investors that it had decided to sell the portal division of Penguin, which includes Rastreator.com, LeLynx.fr, the technology sector of the group, and its 50 percent stake in Preminen Price Comparison Holding to ZPG (Zoopla Property Group).
ZPG has announced that, through its price comparison site division RVU, it will monitor the acquired companies.
Spanish insurance giant MAPFRE said that, as part of the deal, it would also sell its stakes in Rastreator.com and Preminen.
Nicola Sturgeon has to consider the harm to the relationship between the Scottish government and company
The estimated value of the deal is £ 508 million, with Admiral saying it plans to recognize sales after accounting for minority interests and transaction costs of about £ 450 million.
Admiral said it expects all of the funds to be returned to shareholders, but some of the capital will be kept over the coming years to “support investment in new business development over the coming years.”
Subject to regulatory approvals, the deal is scheduled to close in the first half of 2021.
Admiral Group Chief Executive David Stevens said, “RVU’s purchase of comparable businesses from the United Kingdom and Europe provides a positive outcome for our customers and our employees, and also represents good value for our shareholders.”
‘The combination of the strengths of Penguin, particularly in insurance comparisons across much of Europe, with the strengths of RVU outside insurance and the experience of growth by acquisition provides a strong basis for the growth and success of the combined companies.
“Admiral will continue to focus on what Admiral has always done well, developing and underwriting low-cost financial services products for the mass market.”
“Penguin Portals offers us an exciting opportunity to expand our portfolio of comparison brands and our geographic reach,” said Tariq Syed, chief executive of RVU.
I am extremely optimistic about the possibilities we will build together, with a common goal to empower customers to make confident choices.
Culturally, we are both very close – we believe in winning the right way and having customers at the forefront of everything we do.
“With its strong brand heritage and focus on insurance, Confused.com perfectly complements Uswitch’s expertise in the home services category.”
First look: Interior of Johnnie Walker Princes Street unveiled by Diageo
Diageo, the drinks company, has published concept renderings showcasing what its visitor experience of Johnnie Walker Princes Street in Edinburgh will look like, set to open next summer.
Rooftop bars, private dining areas, “modern sensory tasting rooms,” customized tours and tasting experiences, and live entertainment areas will be included in the visitor attraction.
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