Silver Lake to buy property websites Zoopla, PrimeLocation for $3 bln

Silver Lake to buy property websites Zoopla, PrimeLocation for $3 bln

The stock increased 0.48% or $0.07 during the last trading session, reaching $14.69.

The classifieds sector was also boosted by the deal, with shares in Zoopla rival Rightmove and automotive firm Auto Trader both rising over the prospect of more M&As. It has underperformed by 65.90% the S&P500.

Zoopla Property Group (LON:ZPG) has had their stock rating reconfirmed as a solid "Buy" by stock research analysts at Liberum Capital.

ZPG Plc (LON:ZPG) has 0.00% since May 11, 2017 and is.

"A lot of companies that hold overseas money (are) looking in and realising that they're getting a bit of value at the moment with how weak the pound is, relatively speaking", Jasper Reimers, market analyst at Vertex Capital Group, said, referring to the United Kingdom equity market.

Shares in ZPG, which owns the Zoopla and PrimeLocation property search websites and the uSwitch utility price comparison website, soared 30%, or 114p, to 489p after Sliver Lakes' offer of 490p per share in cash was accepted. It has a 56.86 P/E ratio.

Zoopla's major rival Rightmove PLC (LON:RMV) was up 5% to £48.35 shortly before midday, while OnTheMarket PLC (LON:OTMP) added nearly 7% to 148.5p.

Among 16 analysts covering Zoopla Property Group (LON:ZPG), 11 have Buy rating, 1 Sell and 4 Hold. Therefore 83% are positive. Zoopla Property Group has GBX 542 highest and GBX 335 lowest target. GBX 430.18's average target is -12.03% below currents GBX 489 stock price. This was disclosed to clients in analysts report on Friday morning. Peel Hunt maintained the stock with "Buy" rating in Friday, January 12 report.

Daily Mail and General Trust PLC (LON:DMGT), ZPG's largest shareholder with just shy of 30% of the shares, has already given its support to the takeover, while ZPG's top brass have also given an irrevocable undertaking to accept the offer. The company was maintained on Friday, July 21 by Credit Suisse. Deutsche Bank maintained the shares of ZPG in report on Monday, December 4 with "Hold" rating. The rating was maintained by Peel Hunt with "Buy" on Wednesday, January 17. The firm has "Overweight" rating by Morgan Stanley given on Tuesday, February 20. Liberum Capital maintained the stock with "Buy" rating in Friday, November 24 report. The rating was maintained by Shore Capital on Tuesday, January 30 with "Buy". The company was maintained on Tuesday, November 14 by Jefferies.

Related Articles