Zoopla Property Group (ZPG) has agreed a deal to buy Confused.com and its other European comparison websites from insurance firm Admiral.
ZPG, which already owns comparison website Uswitch, will pay around £508m for Admiral’s Penguin Portals arm, which includes Confused.com in the UK, as well as Rastreator.com in Spain and LeLynx.fr in France.
Tariq Syed, chief executive of ZPG’s comparison site division RVU, said the acquisition would enable the firm to grow their comparison brand portfolio and geographic reach.
He said: “With its strong brand heritage and focus on insurance, Confused.com perfectly complements Uswitch’s expertise in the home services category.”
The deal is expected to be finalised in the first half of this year.
Admiral said in a statement: “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.”