Insurer ends discussions over potential £600m sale of Confused.com
Admiral has pulled out of talks with private equity investors over the sale of its price comparison business, Confused.com.
The company announced that after careful consideration of the offers made, which are said to have ranged from £600m to £650m, it has terminated consultations.
It said discussions were held with a number of private equity firms about the sale of a minority interest in the Confused business.
"However, the corporate structure and governance demanded by minority investors was significantly more onerous than the Board had anticipated," Admiral added. "The Board has therefore concluded that this weakening in its flexibility to determine the strategy of Confused would restrict the ability to maximise Confused's potential as part of the Admiral Group in the medium to long term."
Admiral will now retain a 100% interest in Confused and continue to follow its growth strategy for the business.
According to the company, that strategy is focused on maintaining Confused's market share of car insurance price comparison; maximising the value created for shareholders from that position; and on exploiting the potential for Confused derived from the growth of price comparison in other product areas.