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Tech fund swoops on Zoopla owner in £2.2bn takeover deal

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  • 11/05/2018
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Tech fund swoops on Zoopla owner in £2.2bn takeover deal
The owner of estate agent Zoopla and property market analyst Hometrack is set to be bought by a US venture capital group in a £2.2bn deal.

 

Silver Lake has agreed to buy Zoopla Group (ZPG), which also owns price comparison site uSwitch and PrimeLocation, for 490p per share.

Alex Chesterman, founder and chief executive of ZPG, said the company would benefit from Silver Lake’s technology expertise and global network to help accelerate growth following the deal.

He added: “In 2008, we transformed the property portal landscape with the introduction of a highly differentiated proposition providing data and delivering transparency to empower consumers to make smarter property decisions.

“Since its IPO in 2014, ZPG has evolved and diversified as we have made significant progress in becoming the platform of choice for consumers and partners engaged in property and household decisions.

“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.”

Shares in the Zoopla Group jumped by around 30% this morning following the news.

The company is currently part owned by the Daily Mail and General Trust, with the group one of its biggest shareholders.

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