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| Zoopla, Uswitch and Primelocation owner ZPG bought for £2.2bn | Zoopla, Uswitch and Primelocation owner ZPG bought for £2.2bn |
| (35 minutes later) | |
| The owner of property website Zoopla and comparison site Uswitch has agreed to be bought by a US private equity firm. | |
| Silver Lake is paying £2.2bn for ZPG, which also owns the PrimeLocation and SmartNewHomes websites. | |
| Investors in ZPG will receive 490p a share - almost a third higher than its closing price on Thursday. | Investors in ZPG will receive 490p a share - almost a third higher than its closing price on Thursday. |
| "ZPG is a great growth technology company," said Silver Lake managing director Simon Patterson. | "ZPG is a great growth technology company," said Silver Lake managing director Simon Patterson. |
| "It has established strong positions in property classifieds, home and financial services markets by innovating in product and marketing." | "It has established strong positions in property classifieds, home and financial services markets by innovating in product and marketing." |
| Alex Chesterman, founder and chief executive 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." | Alex Chesterman, founder and chief executive 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." |
| The deal was agreed with the Daily Mail and General Trust, which has held a substantial stake in ZPG since 2012 when its own online property business, the Digital Property Group, merged with Zoopla. | |
| The company floated in London four years ago and agreed to buy the Uswitch website in 2015. | |
| ZPG shares jumped 30% in early trade, and shares in rival property website Rightmove were up by nearly 5%. |