The total transaction value, including the amount attributable to MAPFRE, is £508 million plus a further amount that will accrue until the date of completion of the Proposed Transaction (“Transaction Value”). The Transaction Value shall be satisfied in cash at completion of the Proposed Transaction subject to certain adjustments. The proceeds to Admiral, net of minority interests and transaction costs, will be around £450 million. As noted above, the final transaction value will depend on the completion date.
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 after completion. Completion of the transaction is subject to customary regulatory and competition authority approvals and is expected to close in the first half of 2021.
“The purchase of the
The combination of Penguin’s strengths, notably in insurance comparison across much of
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
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. I thank them and their predecessors for their contribution to the success of the Group and to the financial well-being of their millions of customers.”
“We are very excited for the next stage of our journey. Our purpose, strategy, expertise and culture align strongly with that of RVU. Becoming part of a global network of brands and platforms, united by the same mission to help people make better decisions, will bring significant benefits to our customers and our people.
We are also very thankful for all of the support and guidance we have received from
The extraordinary efforts of every member of the Penguin team has meant that in 2020 all of the Penguin Portals have proved to be highly resilient customer-centric businesses. Thank you Penguins! I know we will go from strength to strength with RVU as we are given great support, will benefit from highly relevant learnings and have huge ambition for the future.”
“Penguin Portals offers an exciting opportunity for us to expand our consumer brand portfolio and geographic reach. With its focus on insurance, Confused.com perfectly complements Uswitch’s existing expertise in the home services category, and, with equally established offerings in other countries, we have an opportunity to help even more consumers find the right deals for their needs.”
Admiral was advised by Houlihan Lokey,
For further information please contact:
Admiral
Marisja Kocznur Investors & Analysts +44 (0) 29 2060 2034
Media: FTI Consulting
Tom Blackwell +44 (0) 20 3727 1051
Admiral and Penguin Portals overview
MAPFRE overview
MAPFRE is a global insurance company with a worldwide presence. It is the benchmark insurer in the Spanish market and the largest Spanish multinational insurance group in the world. The company is the third largest insurance group in
RVU overview
Formed in
Additional notes on the transaction:
- Admiral’s US comparison business, compare.com, is not included in the transaction
- The transaction is expected to slightly reduce the future earnings of the Group
Elena Betes , Director of Penguin Portals, together with the Penguin Portals senior management team, will be transferring with the businessesThe MAPFRE Group legal entities are MAPFRE Espana Compania de Seguros Y Reaseguros (selling its 25% share in Rastreator) and MAPFRE S.A. (selling its 50% share in Preminen)
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