Monday, 26 August, 2019


Zoopla-owner ZPG 'sold' to USA tech fund for £2.2bn

Zoopla-owner ZPG 'sold' to USA tech fund for £2.2bn Zoopla-owner ZPG 'sold' to USA tech fund for £2.2bn
Bennie Garza | 12 May, 2018, 13:33

Under the deal, ZPG PLC shareholders will be given 490 pence in cash for each of their shares, the companies said.

Shares in ZPG jumped 30 per cent to 486.2 pence at 9.22 am in London, the biggest advance since the company listed in 2014. Peel Hunt's price objective would suggest a potential upside of 0.53% from the company's current price.

The deal shows United Kingdom consumer-focused online companies are increasingly seen as attractive takeover assets, analysts said.

Daily Mail and General Trust PLC (LON:DMGT), ZPG's largest shareholder with just shy of 30% of the shares, has already given its support to the takeover, while ZPG's top brass have also given an irrevocable undertaking to accept the offer. "I am very excited about the opportunity this offers to our employees, customers and partners as we move to the next stage of ZPG's development and growth".

The classifieds sector was also boosted by the deal, with shares in Zoopla rival Rightmove and automotive firm Auto Trader both rising over the prospect of more M&As. It is due to report half-year results on May 23.

In fiscal year 2017, Zoopla reported 244.5 million pounds ($331 million) in revenues, up 24% on the year before, with 37.4 million pounds ($51 million) in profit.

As a point of comparison, this puts Zoopla at a just over a quarter of the size of its similarly-named USA counterpart Zillow, which this week reported revenues of $299.9 million for the previous quarter.

ZPG directors, who own 1.2% of the firm, said in a statement they considered the terms "fair and reasonable". What an outrage: a British technology whizz unceremoniously taken out by some raider from Silicon Valley and all for a paltry £2.2 billion.

"ZPG is a great growth technology company". It operates through Property Services and Comparison Services divisions.

The owner of property website Zoopla and comparison site Uswitch has agreed to be bought by a U.S. private equity firm. Get your FREE trial to Buyouts!

Louis Dreyfus Co said it had completed the sale of its metals business to a Chinese investment fund for $466 million, as part of a push to revive profits by focusing on its core agricultural markets. Other brands in this second category include Hometrack, Calcasa, TechnicWeb, Ravensworth, Alto, Jupix, ExpertAgent, PropertyFile and MoveIT.

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