Insurance giant Admiral has agreed to sell its comparison website business which includes Confused.com to the owner of rival Uswitch in a deal worth around £508 million.
It told investors on Tuesday that it has agreed to see the Penguin Portals arm, which also includes Rastreator.com and LeLynx.fr and the group’s technology operation and its 50 per cent share in Preminen Price Comparison Holding to ZPG (Zoopla Property Group).
ZPG has said it will control the acquired businesses through its comparison site division, RVU.
David Stevens, chief executive of Admiral Group, said: “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.
“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 will continue to focus on what Admiral has consistently done well, namely designing and underwriting good value mass-market financial service products.”
Since launching in 1993, Admiral Group has grown from a small start up to one of the largest car insurance providers in the UK with a presence in eight countries.
The group now offers home, van and travel insurance as well as personal loans and car finance in the UK, and has operations in Spain, Italy, France, the US, Mexico and Turkey, and has over 6.5 million customers worldwide.
The is based in South Wales with offices in Cardiff, Swansea and Newport.
