Admiral Group PLC said Tuesday that it is selling its businesses Penguin Portals Group and Preminen Price Comparison Holdings Ltd. to ZPG Comparison Services Holdings U.K. Ltd., and that it will return most of the net proceeds to its shareholders.
As part of the transaction, insurer Mapfre SA will also sell its 25% stake in Rastreator--part of Penguin Portals--and its 50% holding in Preminen.
Admiral, a U.K.-listed auto insurer, said that the total value of the deal is 508 million pounds ($683.3 million) plus a further amount that will accrue until the date of its completion, and that the company will receive net proceeds of around GBP450 million.
The company said it will return most of the net proceeds to its shareholders thanks to its strong solvency and liquidity position.
Admiral said it will retain a portion to support investment in new business development over the coming years.
Penguin Portals comprises online comparison portals Confused.com, Rastreator.com and LeLynx.fr, and the group's technology operation Admiral Technologies.
ZPG Comparison Services is part of real-estate group ZPG PLC.
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December 29, 2020 at 02:50PM
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Admiral Group selling online portals for £508 mln - MarketWatch
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