Go Compare to sell for over £450 million?
Price comparison website, Go Compare has recently appointed investment banking advisory, Evercore Partners, to oversee a review of the internet aggregator’s ownership, according to a report from Sky News.
Inside sources believe the review will lead to an auction of the company that is likely to value Go Compare at over £450 million. However, insiders also added that a decision about a sale is unlikely for several months.
Go Compare founder, Hayley Parsons, owns a 23 per cent stake in the company and could net as much as £100 million from a sale should it go ahead.
The price comparison site recorded revenues of £109 million and profits of £34.7 million in 2011.
The move has reportedly came ahead of a planned stock market flotation, due to be announced next week, of car insurer Esure, which owns 50 per cent of Go Compare.
People close to the situation dismissed suggestions that Esure was interested in buying the other half of Go Compare's shares that it does not already own.
An esure spokesman told Sky News: "Esure owns 50 per cent of Gocompare.com. We are happy with that investment and have no plans to further increase our shareholding."
Go Compare has not commented.