Football – West Bromwich Albion v Everton – Barclays Premier League – The Hawthorns – 20/1/14 General view of Zoopla branding Mandatory Credit: Action Images / Carl Recine Livepic
May 11, 2018
(Reuters) – U.S.-based private equity firm Silver Lake Management Company has agreed to acquire ZPG plc <ZPG.L>, the owner of British property websites Zoopla and PrimeLocation, for 2.2 billion pounds ($3 billion).
Under the terms of the deal, each ZPG shareholder would get 490 pence in cash, which implies a premium of 31 percent to ZPG’s Thursday close, Silver Lake said in a statement on Friday.
ZPG directors, who are being advised by Credit Suisse <CSGN.S> and Goldman Sachs <GS.N>, consider the terms “fair and reasonable”, ZPG said in the joint statement.
ZPG’s largest shareholder and publisher of Britain’s Daily Mail newspaper, Daily Mail and General Trust (DMGT) <DMGOa.L>, said it gave an irrevocable undertaking to accept Silver Lake’s offer in respect of its entire holding — which amounts to 29.8 percent of ZPG’s issued share capital.
The deal is expected to close in the third quarter of 2018, the companies said.
(Reporting by Rahul B in Bengaluru; editing by Alexander Smith and Jason Neely)
