Zoopla has responded to press speculation that its owner, Silver Lake Partners, is planning to break-up and offload the property portal in the next 12 months.
According to Sky News, Silver Lake Partners, the American private equity firm, has hired two investment banks to launch a review of strategic options for the assets which sit within holding company ZPG.
It is also understood that JP Morgan and Arma Partners had been engaged by Silver Lake in recent weeks to advise on the project.
While no definitive decisions have been made regarding the future of ZPG’s operating businesses, the most likely scenario appears to be the initiation of separate sale processes for its various assets.
Among the group’s subsidiaries, the most notable is RVU, a smaller holding company that owns several consumer-facing brands including Confused.com, the insurance comparison platform; Uswitch; Money.co.uk; mortgage broker Mojo Mortgages; and Tempcover, which offers temporary car insurance.
In addition to RVU, ZPG operates three other key businesses: Zoopla, the UK’s second-largest property portal behind Rightmove; Hometrack, a property data and analytics provider that shares ownership with PrimeLocation.com; and Alto Software Group, which supplies software solutions to estate agents through a network of subsidiaries.
Silver Lake acquired ZPG in 2018, taking the company private in a transaction valued at approximately £2.2bn.
A spokesperson for Zoopla told EYE: “As part of the normal course of business, the board that oversees the ZPG group of companies regularly evaluates and sometimes engages specialist advisers to assess opportunities to best position the businesses for long-term growth and success.
“Speculation around this is not a surprise. It is a sign of a healthy set of businesses across ZPG and underscores the strength of what they offer to customers and the value we continue to build.
“For Zoopla, it’s business as usual. We are building the UK’s largest and most active homeowner audience which has more than 4.8m subscribers. This is driving significant value and returns for our customers. This audience, combined with our high performing marketplace, enables customers to reach, engage and convert homeowners into instructions and high-quality buyers.”
Read the orginal article: https://propertyindustryeye.com/zoopla-says-its-business-as-usual-amid-sale-speculation/
