Zoopla acquires price-comparison website uSwitch

Zoopla Property Group (ZPG) has announced that it is to buy online price comparison site uSwitch in a deal worth up to £190 million. ZPG, which also owns a number of other websites such as Prime Location and Smart New Homes, said the agreed deal, at £160 million plus a performance-based earn out of up to £30 million, believe that the deal will help it deliver a wider property service to people seeking the best deals online. uSwitch, owned by Ulysses Enterprises Limited, enables consumers to find the best deals from utilities such as electricity and phone bills. It had revenues of £62.9 million and earnings of £16.2 million last year with 50.3 million online visits. It claims to have saved customers £112 million last year on energy bills alone. ZPG said that the deal to acquire uSwitch will allow its members to benefit from increased engagement with home movers and greater insight into their property requirements along with enhanced exposure to the further differentiated ZPG audience. ZPG is also developing new products that will create revenue opportunities for its members around home services switching. Alex Chesterman (left), Founder & CEO of Zoopla Property Group said, “This is a transformational…

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