Zoopla, owned by ZPG Plc, has agreed to a proposed takeover by US private equity firm Silverlake for £2.2 billion.
ZPG, which was founded in 2007, owns and operates some of the UK’s most recognised digital brands including Zoopla, uSwitch, Money.co.uk, PrimeLocation and SmartNewHomes.
The ZPG Directors intend to recommend unanimously that ZPG Shareholders vote in favour of the takeover with the resolutions to be proposed at the General Meeting.
Commenting on the Acquisition, Alex Chesterman, Founder & CEO of ZPG, said: “Silver Lake is the global leader in technology investing and I am firmly of the belief that ZPG will benefit from their technology expertise and global network which will help accelerate our growth. 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.”
Simon Patterson, Managing Director, Silver Lake, said: “ZPG is a great growth technology company. It has established strong positions in property classifieds, home and financial services markets by innovating in product and marketing. We are delighted to partner with Alex Chesterman, one of Europe’s leading and most accomplished technology entrepreneurs, to invest in ZPG’s continued growth.”
ZPG’s websites and apps attract over 50 million visits per month and over 25,000 business partners use their services. Over the latest financial year, ZPG reported A record 648 million visits to its websites.