Insurance giant Admiral has reached an agreement to sell website Confused.com for more than £500 million, it was announced on Tuesday.
Admiral announced that it would be selling its “Penguin Portals Group”, which includes comparison websites Confused.com, Rastreator.com and LeLynx.fr, to the owner of rival Uswitch in a deal worth £508 million.
Zoopla Property Group (ZPG), which owns Uswitch, will take control of the business through its comparison arm ZPG.
“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,” said David Stevens, Group CEO of Admiral Group.
Admiral has offices in Newport, Cardiff and Swansea and employs more than 10,000 staff.
The net proceeds of the deal for Admiral is set to be around £450 million and it is expected to close in the first half of 2021.
David Stevens added: “Admiral will continue to focus on what Admiral has consistently done well, namely designing and underwriting good value mass market financial service products.
“Comparison will continue to be Admiral’s most important distribution channel in Europe and we look forward to continuing to work closely with Confused.com, Rastreator and LeLynx as they continue to grow and strengthen the customer offering.
“It is a wrench to part company with our fellow employees at Confused.com, Rastreator, LeLynx, Admiral Technologies and Preminen, but I believe it is the right choice for the long-term success of the businesses and will create many interesting and worthwhile opportunities for our teams going forward.
“I thank them and their predecessors for their contribution to the success of the Group and to the financial well-being of their millions of customers.”