StockMarketWire.com - Admiral Group has announced that ZPG Comparison Services Holdings UK (RVU) has completed the purchase of Penguin Portals Group.

This comprises the online comparison portals Confused.com, Rastreator.com and LeLynx.fr and the group’s technology operation Admiral Technologies. It also includes its 50% share of Preminen Price Comparison Holdings Limited.

MAPFRE has also sold 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 and has been satisfied in cash on completion.

The proceeds to Admiral, net of minority interests and transaction costs, amounts to approximately £460 million.

Admiral expects to return most of the net proceeds to shareholders, though will retain a portion to support investment in new business development over the coming years.

Milena Mondini, group CEO of Admiral Group commented: “The Penguin Portals businesses have been an important part of Admiral’s story, and all of our great colleagues will be enormously missed.

"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.” She added.


At 1:09pm: [LON:ADM] Admiral Group PLC share price was 0p at 2902p



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