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Share Name Share Symbol Market Type Share ISIN Share Description
Admiral Group Plc LSE:ADM London Ordinary Share GB00B02J6398 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -115.00 -3.49% 3,179.00 3,178.00 3,180.00 3,288.00 3,176.00 3,287.00 345,217 14:01:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonlife Insurance 2,265.3 608.2 179.5 17.7 9,442

Admiral Group PLC Disposal

30/04/2021 12:10pm

UK Regulatory (RNS & others)


 
TIDMADM 
 
 
 
 
   Admiral Group plc announces completion of sale of Penguin Portals and 
Preminen comparison businesses to RVU 
 
   Admiral Group plc ("Admiral" or "the Group") announces that, following 
regulatory and competition authority approvals, ZPG Comparison Services 
Holdings UK Limited ("RVU") has completed the purchase of Penguin 
Portals Group ("Penguin Portals", comprising online comparison portals 
Confused.com, Rastreator.com and LeLynx.fr and the Group's technology 
operation Admiral Technologies) and its 50% share of Preminen Price 
Comparison Holdings Limited ("Preminen"). 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 GBP508 million, and has been satisfied in cash on completion. The 
proceeds to Admiral, net of minority interests and transaction costs, 
amounts to approximately GBP460 million. 
 
   In light of the strong solvency and liquidity position of the Group, 
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 at the Group's Interim 
Results in August 2021. 
 
   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. 
 
   We wish our Penguin Portal colleagues all the best for the future and 
look forward to continuing to work together." 
 
   Admiral was advised by Houlihan Lokey, Clifford Chance LLP and KPMG in 
connection with the transaction. 
 
   For further information please contact: 
 
   Admiral 
 
   Marisja Kocznur                        Investors & Analysts +44 (0) 29 
2060 2034 
 
   Media: FTI Consulting 
 
   Edward Berry                                +44 (0) 20 3727 1046 
 
   Tom Blackwell                                +44 (0) 20 3727 1051 
 
 
 
 

(END) Dow Jones Newswires

April 30, 2021 07:10 ET (11:10 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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