Zephyr Bidco, a subsidiary of Silver Lake Management Company V, and ZPG Plc, the owners of Zoopla, have reached agreement on the terms of a recommended cash acquisition of the entire share capital of ZPG Plc for 490p per ordinary share, a material premium to the volume weighted average price for the three month period ended 10 May 2018.
The Board of ZPG Plc, which includes two representatives of DMGT, intends to unanimously recommend this offer to ZPG Plc shareholders and DMGT has given an irrevocable undertaking to accept the offer in respect of its entire holding, amounting to 29.8% of ZPG Plc’s issued share capital. If approved, the transaction will become effective in the third quarter of calendar year 2018.
DMGT has been invested in Zoopla Property Group since 2012, when DMGT’s online property business, the Digital Property Group, merged with Zoopla. DMGT subsequently held a 55% stake in the combined entity. DMGT maintained its support through ZPG Plc’s IPO in 2014.
Paul Zwillenberg, Chief Executive, commented: “The recommended all cash offer for ZPG promises to deliver a very significant return for DMGT. The sale of our stake, pending shareholder approval at ZPG, fits with our long track record of successfully identifying new opportunities, incubating young businesses and supporting their growth to create value for shareholders.”
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