Insurance group Admiral has announced it will sell Penguin Portals, which runs Confused.com, along with its 50 per cent share of Comparison Holdings, to Zoopla-owner ZPG (RVU) for £508 million.

Penguin Portals includes a number of other comparison websites, including Rastreator.com and LeLynx.fr, as well as the Group’s technology operation Admiral Technologies.

Completion of the buyout is expected to complete in the first half of 2021.

“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, chief executive, Admiral Group. “The combination of Penguin’s strengths, notably in insurance comparison across much of Europe, with RVU’s strengths beyond insurance and experience in growth through acquisition, provides a solid foundation for the combined businesses to grow and prosper.”

Admiral Group plans to continue to work closely with Confused.com, Rastreator, and LeLynx after purchase is complete.

Group CEO David Stevens added: “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.”

Elena Betes, chief executive of Penguin Portals commented on the buyout: "We are very excited for the next stage of our journey. Our purpose, strategy, expertise and culture align strongly with that of RVU. Becoming part of a global network of brands and platforms, united by the same mission to help people make better decisions, will bring significant benefits to our customers and our people.”

Share Story: