Clifford Chance

Clifford Chance advises Admiral Group plc on sale of Penguin Portals and Preminen comparison businesses to Zoopla's Comparison Services

International law firm Clifford Chance advised Admiral Group plc (“Admiral”) on an agreement with ZPG's ("Zoopla") comparison division known as Comparison Services Holdings UK Limited (“RVU") that RVU will purchase Penguin Portals Group (“Penguin Portals”, comprising online comparison portals Confused.com, Rastreator.com and LeLynx.frand the Group’s technology operation Admiral Technologies) and its 50% share of Preminen Price Comparison Holdings Limited (“Preminen”), together the “Proposed Transaction”. The Spanish insurer MAPFRE will also sell 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 £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. The final transaction value will depend on the completion date.

On this cross-border mandate, with teams in London, Paris and Madrid, Clifford Chance advised the Admiral board throughout the transaction process. The team advised on all aspects of the deal, providing corporate and regulatory advice as well as tax, anti-trust, employment, pensions, incentives and intellectual property advice.

Clifford Chance recently advised long standing client LV = on £530 million acquisition by Bain Capital.

The Clifford Chance team was led by corporate insurance partner and head of the firm's Financial Institutions Group in London Ashley Prebble, assisted by senior associates Nakita Patel and Emma Eaton, associate Amy Bennett and trainee Gemma Mills. Also involved were director Richard Jones (TMT), partner Nicholas Mace (tax), partner Greg Olsen (antitrust), partner Sonia Gilbert (incentives), partner Chinwe Odimba-Chapman (employment) and partner Vanessa Marsland (IP), counsel Sue Palmer (Paris), associates Juan Valcárcel (Madrid) and Miguel Barredo (Madrid).