A busy week of buyouts has finished with the management at ZPG (LON:ZPG), formerly known as Zoopla Property Group, recommending an offer from private equity outfit Silver Lake. An all-cash bid of £2.2 billion has been made by the US-based technology specialist for ZPG, which owns not only the eponymous property platform but also PrimeLocation and uSwitch. Following the takeover, the business will be de-listed.
The company’s founder Alex Chesterman will remain with the business and said that, “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“.
Daily Mail and General Trust, ZPG’s largest current shareholder, have said that they intend to accept the offer and have given an irrevocable undertaking to that effect. However, other major shareholders have not yet commented and some analysts have speculated that there may be a counter-offer in the works.