This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Online property organisation Zoopla has this morning announced a £160m takeover of price comparison site uSwitch. The move will see Zoopla able to expand into sales of additional home products, such as energy.
Announcing the news, Zoopla Property Group said that uSwitch would carry on as a standalone brand, with its entire management team remaining under the stewardship of chief executive Steve Weller. The firm believes that the acquisition will be completed by the end of June.
Zoopla Property Group said in a statement that, ‘combining two of the UK’s most successful digital businesses would create a single resource where consumers can research, find and manage their home.’[1]
It is hoped that the overall value of the deal could increase to as much as £190m with the insertion of a performance-based clause.
Innovation
uSwitch works to get consumers the best deal from suppliers, which include communication and energy firms. The organisation made an annual profit of £16.2m last year.
Zoopla purchases uSwitch for £160m
Alex Chesterman, founder of Zoopla, said that his company had, ‘always been at the forefront of innovation in our industry and this deal brings together two of the UK’s best known and fastest growing digital brands.’ He revealed that this is just the, ‘next step towards creating the ultimate platform where consumers can research, find and manage their home.’[2]
Mr Weller also welcomed the deal, stating, ‘I am immensely proud of everything that we have achieved over the last 15 years and look forward to the next phase of our journey.’ He added that, ‘consumers need our support now more than ever before and, with Zoopla Property Group’s impressive credentials, I am confident that we will be able to help even more people save money on their household bills.’[3]
[1-3] http://news.sky.com/story/1474989/zoopla-agrees-160m-deal-to-buy-uswitch
