Admiral sells comparison businesses

Admiral Group has announced that ZPG Comparison Services Holdings UK Limited has completed the purchase of Penguin Portals Group, comprising online comparison portals, and as well as the group’s technology operation Admiral Technologies.

ZPG has also bought Admiral’s 50% share of Preminen Price Comparison Holdings Limited. As part of the deal, MAPFRE has sold its 25% holding in Rastreator and its 50% holding in Preminen.

The total transaction value, including the amount attributable to MAPFRE, is £508m, and has been satisfied in cash on completion. The proceeds to Admiral, net of minority interests and transaction costs, amounts to approximately £460m.

Admiral said it expects to return a majority of the net proceeds to shareholders, though it will retain a portion to support investment in new business development over the coming years.

Milena Mondini, group CEO of Admiral Group, said: “The Penguin Portals businesses have been an important part of Admiral’s story, and all of our great colleagues will be enormously missed.

“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.”

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