Admiral Group has divested Penguin Portals as well as Preminen Price Comparison businesses to RVU, the comparison division of British firm ZPG.
The sale includes Penguin Portals Group, a global network of insurance-focused comparison platforms comprising Confused.com, Rastreator.com and LeLynx.fr as well as Admiral’s technology operation Admiral Technologies.
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Additionally, RVU acquired 100% stake in Preminen Price Comparison Holdings, which is equally owned by insurance company MAPFRE and Admiral Group.
MAPFRE also divested its 25% holding in Rastreator to RVU.
The deal is valued £508m ($701.5m), including the amount attributable to MAPFRE. The proceeds from the sale to Admiral amounts to approximately £460m ($635.2m).
Admiral Group group CEO Milena Mondini said: “The Penguin Portals businesses have been an important part of Admiral’s story, and all of our great colleagues will be enormously missed.
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By GlobalData“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.”
The sale is a part of Admiral’s strategy to continue to focus on designing and underwriting good value mass market financial service products.
RVU earlier said the acquisition of Penguin Portals would allow it to expand consumer-focused mission to the insurance sector in the UK and internationally.
At that time, RVU CEO Tariq Syed said: “Penguin Portals offers an exciting opportunity for us to expand our comparison brand portfolio and geographic reach.
“With its strong brand heritage and focus on insurance, Confused.com perfectly complements Uswitch’s expertise in the home services category. And, with equally established offerings in other countries, we have an opportunity to help even more consumers find the right deals for their needs.”
