The total transaction value, including the amount attributable to MAPFRE, is £508 million, and has been satisfied in cash on completion. The proceeds to Admiral, net of minority interests and transaction costs, amounts to approximately £460 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
“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,
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
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