Admiral Group PLC announced Tuesday that it is selling its Penguin Portals Group and Preminen Price Comparison Holdings Ltd businesses. to ZPG Comparison Services Holdings UK Ltd., and return most of the net cash to shareholders.
As part of the deal, insurer Mapfre SA will sell its 25% stake in Rastreator – part of Penguin Portals – and its 50% investment in Preminen.
Admiral, a UK-listed auto insurer, said the total value of the contract was 508 million pounds ($ 683.3 million) plus another amount that will come in to end the date, and that the company’s net cash is around GBP450 million.
The company said it will return most of its net cash to its shareholders thanks to its strong solvency and liquidity position.
Admiral said it will retain an allowance to support investment in new business development in the coming years.
Penguin Portals includes the online comparison ports of Confused.com, Rastreator.com and LeLynx.fr, and the technology activity of the Admiral Technologies group.
ZPG Comparison Services is part of the ZPG PLC real estate group.