Confused.com was set up in Cardiff in 2002
Admiral is selling its price comparison website Confused.com, the group announced.
It said that the Penguin Portals and Preminen businesses, which includes Confused.com, would be sold for £508m to RVU, a subsidiary of ZPG.
ZPG owns Uswitch and property site Zoopla.
Penguin Portals also comprises PCWs Rastreator and LeLynx, serving the Spanish and French markets respectively.
Commenting on the deal, Admiral Chief executive David Stevens 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.
”Comparison will continue to be Admiral’s most important distribution channel in Europe and we look forward to continuing to work closely with Confused.com, Rastreator and LeLynx as they continue to grow and strengthen the customer offering.
”It is a wrench to part company with our fellow employees at Confused.com, Rastreator, LeLynx, Admiral Technologies and Preminen, but I believe it is the right choice for the long-term success of the businesses and will create many interesting and worthwhile opportunities for our teams going forward.”
Tariq Syed, RVU’s chief exec said: ”With its strong brand heritage and focus on insurance, Confused.com perfectly complements Uswitch’s expertise in the home services category.”
Share analyst firm Berenberg commented that it viewed the sale ”as an attractive option for shareholders given that it capitalises earnings from the PCWs, a segment which may face headwinds following the Financial Conduct Authority’s (FCA) review into general insurance pricing practices over the longer term.”
Confused.com began life in 2002 with a team of eight in Cardiff.
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