California’s Silver Lake Partners has agreed to acquire UK-based property platform company ZPG in a deal valued at $3bn as the firm looks to expand more readily into European markets.
“ZPG is a great growth technology company,” said Simon Patterson, Managing Director of Silver Lake. “It has established strong positions in property classifieds, home and financial services markets by innovating in product and marketing.”
ZPG is better known as the parent company of property websites Zoopla and PrimeLocation, and uSwitch, with the sale marking another success for British Entrepreneur Alex Chesterman.
Previous to setting up Zoopla in 2007, Chesterman merged his own online DVD rental business with LoveFilm – a company that went on to be bought by Amazon in a deal valued at $200mn ($272bn).
“We are delighted to partner with Alex Chesterman, one of Europe's leading and most accomplished technology entrepreneurs, to invest in ZPG's continued growth,” Patterson said.
The transaction will see ZPG shareholders receiving £4.90 ($6.65) per share, representing a 31% premium compared to the firm’s unaffected share price.
The deal will bolster Silver Lake’s property portfolio, adding to its total $40bn worth of assets under management.