| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Admiral sells Penguin Portals, Preminen comparison businesses for £508m
StockMarketWire.com
|
Insurance company Admiral said it had reached an agreement to sell Penguin Portals and Preminen comparison businesses to RVU, the comparison division of ZPG, for £508 million.
Under the terms of the agreement, RVU purchased Penguin Portals Group including online comparison portals Confused.com, Rastreator.com and LeLynx.fr and the group's technology operation Admiral Technologies and the company's 50% share of Preminen Price Comparison.
The proceeds to Admiral, net of minority interests and transaction costs, would be around £450 million.
'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,' the company said.
'Completion of the transaction is subject to customary regulatory and competition authority approvals and is expected to close in the first half of 2021,' it added.
Story provided by StockMarketWire.com
|
|
|
|
|
|
