Published On: Mon, Jun 8th, 2015

Alex Chesterman’s property search Zoopla buys uSwitch for $247 million

Alex Chesterman, Zoopla’s founder and chief executive, said the deal bought together two of Britain’s fastest-growing digital brands in home services.

Alex Chesterman

 

Zoopla, the British property search website, baying online price comparison service uSwitch for $247 million, to build a platform where consumers can “research, find and manage their home”.

The acquisition sent Zoopla’s shares up as much as 16 per cent to 329 cent, amid hopes that the company was starting to reverse the decline it has suffered since the launch of a rival site at the start of this year.

The deal includes a possible additional payment of up to $46 million for uSwitch’s management if they meet revenue and earnings targets for fiscal 2016 imposed by Zoopla.

Zoopla’s founder and chief executive, Alex Chesterman, said the deal bought together two of Britain’s fastest-growing digital brands in home services.

“Now consumers will be able to use us to cut their energy deals, get a better broadband deal, find better home insurance and much more, ” Chesterman said

Zoopla which founded in 2008 has 500 million users and the company was worth $1, 406 billion (£919 million) when it listed last June.

uSwitch founded in 2000 receives about 50 million visits a year from consumers looking to move to a better tariffs for gas and electricity supply, as well as phone and broadband services.

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