Admiral agree £500m deal to sell Confused.com

INSURANCE giant Admiral has agreed to sell its comparison website business, which includes Confused.com, to the owner of rival Uswitch in a deal worth around £508 million.

Admiral, with offices in Newport, Cardiff and Swansea, told investors on Tuesday that it has agreed to sell the Penguin Portals arm, which also includes Rastreator.com and LeLynx.fr and the group’s technology operation and its 50 per cent share in Preminen Price Comparison Holding to ZPG (Zoopla Property Group).

ZPG has said it will control the acquired businesses through its comparison site division, RVU.

David Stevens, chief executive of Admiral Group, said: “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.

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“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 prosper.

“Admiral will continue to focus on what Admiral has consistently done well, namely designing and underwriting good value mass-market financial service products.”

South Wales Argus | Business