Business
Admiral Group plc announces sale of Penguin Por...
Admiral Group plc announces sale of Penguin Por....
About this update from Admiral Group Plc
[{"type":"text","content":"\n \n \n Admiral Group plc announces sale of Penguin Portals and Preminen comparison businesses to RVU, the comparison division of ZPG\n \n \n \n \n Admiral Group plc\n 29 December 2020\n \n \n Admiral Group plc announces sale of Penguin Portals and Preminen comparison businesses to RVU, the comparison division of ZPG\n \n Admiral Group plc (“Admiral” or “the Group”) announces that it has reached an agreement with ZPG Comparison Services Holdings UK Limited (“RVU\") that RVU will purchase Penguin Portals Group (“Penguin Portals”, comprising online comparison portals Confused.com, Rastreator.com and LeLynx.fr and the Group’s technology operation Admiral Technologies) and its 50% share of Preminen Price Comparison Holdings Limited (“Preminen”), together the “Proposed Transaction”. MAPFRE will also sell its 25% holding in Rastreator and 50% holding in Preminen as part of the transaction.\n The total transaction value, including the amount attributable to MAPFRE, is £508 million plus a further amount that will accrue until the date of completion of the Proposed Transaction (“Transaction Value”). The Transaction Value shall be satisfied in cash at completion of the Proposed Transaction subject to certain adjustments. The proceeds to Admiral, net of minority interests and transaction costs, will be around £450 million. As noted above, the final transaction value will depend on the completion date.\n In light of the strong solvency and liquidity position of the Group, Admiral expects to return a majority of the net proceeds to shareholders, though will retain a portion to support investment in new business development over the coming years. Further details will be provided after completion. Completion of the transaction is subject to customary regulatory and competition authority approvals and is expected to close in the first half of 2021.\n \n David Stevens, Group CEO of Admiral Group commented:\n “The purchase of the UK and European comparison businesses by RVU offers a positive outcome for our customers and our employees, and also provides good value for our shareholders.\n The combination of Penguin’s strengths, notably in insurance comparison across much of Europe, with RVU’s strengths beyond insurance and experience in growth through acquisition, provides a solid foundation for the combined businesses to grow and pro...