CARDIFF (dpa-AFX) - Car insurance provider Admiral Group Plc (ADM.L) announced Tuesday that it has reached an agreement to sell Penguin Portals Group to to RVU, the comparison division of ZPG Comparison Services Holdings UK Limited. The company also agreed to sell its 50% share of Preminen Price Comparison Holdings Limited.
Further, MAPFRE will sell 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 508 million pounds plus a further amount that will accrue until the date of completion of the proposed deal. The proceeds to Admiral, net of minority interests and transaction costs, will be around 450 million pounds.
Penguin Portals comprises online comparison portals Confused.com, Rastreator.com and LeLynx.fr and Admiral's technology operation Admiral Technologies.
Admiral 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 after completion of the transaction, which is expected to close in the first half of 2021, subject to customary regulatory and competition authority approvals.
In the deal, Admiral was advised by Houlihan Lokey, Clifford Chance LLP and KPMG.
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