Admiral is in talks with a number of companies over selling all or part of its price comparison website, Confused.com.
Admiral is in talks with a number of companies over selling all or part of its price comparison website, Confused.com.
The motor insurer is reportedly in discussions with a venture capital firm about selling a 25% stake in the webite for £150m, but it understood not to have ruled out offloading the whole business for an estimated £700m.
Other parties touted as potential buyers include AXA, as well as InterActive-Corporation owned by Barry Diller. Royal & SunAlliance is thought to have ruled itself out of the running.
Admiral confirmed that it had received approaches from several parties regarding the business, but added: “The board is reviewing its options in relation to Confused which include retention of the business or a partial or full disposal. There can be no certainty that any transaction will take place.”
Speculation has mounted that the company is looking to get rid of the price comparison site ahead of the arrival of Tesco and Royal Bank of Scotland, which are understood to be launching a site in the autumn.
Insurance analyst Numis said: “A sale at this stage may be a smart move for Admiral given that the online quote comparison industry is likely to become more competitive going forward.”
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