Admiral Group has completed the sale of Penguin Portals Group – its financial comparison business – and 50% of its share of Preminen Price Comparison Holdings Limited to ZPG Comparison Services Holdings UK Limited (RVU).
The Penguin Portals offering includes its online comparison portals Confused.com, Rastreator.com and LeLynx.fr.
In addition, Admiral also announced that MAPFRE – a Spanish multinational insurance company – has also sold its 25% holding in Rastreator and 50% holding in Preminen as part of the transaction.
The total transaction value, including the amount attributable to MAPFRE, is £508m. 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 will retain a portion to support investment in new business development over the coming years.
Further details will be provided at the group’s Interim Results in August 2021.
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 with RVU.”