Zoopla buys uSwitch for £160m
Price comparison site, uSwitch, has been bought by online property folks, Zoopla for a cool £160m. So what does that mean? Well, it looks like you'll be able to visit uSwitch to check out home products and the like, which is something.
Zoopla Property Group (ZPG) said: "Combining two of the UK’s most successful digital businesses would create a single resource where consumers can research, find and manage their home."
They continued, that uSwitch is going to carry on operating as a standalone brand and platform, as well as keeping the same chief executive - Steve Weller. Thanks to a performance-based clause in the buyout, the total of the deal could rise to £190m.
If you haven't used uSwitch, it is a site that lets you look at deals from energy and communications suppliers. They made £16.2m last year, so they're doing something half decent. Of course, they're not wholly decent as they have allegedly misled customers by failing to actually recommend the cheapest deals.
Alex Chesterman, Zoopla's founder, said: "We have always been at the forefront of innovation in our industry and this deal brings together two of UK's best known and fastest growing digital brands as a natural next step towards creating the ultimate platform where consumers can research, find and manage their home."
uSwitch's Weller added: "I am immensely proud of everything that we have achieved over the last 15 years and look forward to the next phase of our journey."
"Consumers need our support now more than ever before and, with ZPG's impressive credentials as an innovative, consumer-empowering business, I am confident that we will be able to help even more people save money on their household bills."
TOPICS: Consumer Advice