Property portal Zoopla to buy Money.co.uk for £80m

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Zoopla is adding to its brand (Source: Flickr/MyOnlineEstateAgent)

Online property portal Zoopla Group (ZPG) has agreed to buy price comparison website Money.co.uk for £80m.

Shares in the property firm rose 4.9 per cent in early trading. 

Zoopla, which has been on a bit of a spending spree in recent years, adding numerous digital brands including uSwitch and Hometrack, said it has conditionally agreed the acquisition of Dot Zinc Limited – known as Money.co.uk or Money. The deal will be carried out on a cash-free, debt-free basis, with a performance-based earn-out of up to £60m.

Money.co.uk offeres a financial services comparison platform, which allows consumers to compare products such as credit cards, mortgages, loans and insurance, from over 600 providers. 

Upon completion, Money.co.uk will continue to operate as a standalone brand and platform, headed up by its founder and chief executive, Chris Morling.

"Adding Money, one of the UK's leading financial services comparison websites, to our existing brand portfolio will further enhance our product capabilities and consumer engagement across both our comparison and property platforms," said Zoopla founder and chief executive Alex Chesterman.

"Broadening our financial services offering has long been a key part of our strategy and I look forward to welcoming Chris and his team to the ZPG family."

Morling added: "I am very proud of what we have achieved over the last nine years. We have developed a strong brand and loyal following and are looking forward to the next phase of our growth. ZPG has led the way as an innovative digital consumer champion and we are looking forward to helping even more consumers make better-informed decisions as part of ZPG."