The transaction, which will see Admiral sell the Penguin Portals arm of its business, also includes Rastreator.com, LeLynx.fr, the group’s technology operation, and its 50% share in RVU’s owner, Zoopla Property Group (ZPG).
While the deal is worth a total of £508m, Admiral will receive approximately £450m after accounting for minority interests and transaction costs.
He added: “Penguin Portals offers an exciting opportunity for us to expand our comparison brand portfolio and geographic reach.
“With a shared mission to empower consumers to make more confident decisions, I’m incredibly excited to see the opportunities that we can create together. Culturally we are also very aligned.”
Penguin Portals currently operates over a network of more than 600 employees, including a start-up in Mexico and a development centre in India.
Elena Betés, CEO at Penguin Portals, said: “This is an excellent opportunity for both Penguin Portals and RVU. We share the same core purpose and passion – to empower people to make better decisions, so I know I speak for all of our Penguin family when I say how excited we are for the journey ahead.”