Economic news

Silver Lake to buy property portal ZPG for $3 Billion

U.S.-based Silver Lake has reached an agreement on the acquisition of the British ZPG for 2.2 billion pounds, which owns the largest property platform Zoopla and comparison site Uswitch.

Silver Lake will pay 4.9 pounds per share of ZPG, almost a third higher than its closing price on Thursday. After closing the deal, Silver Lake plans to delist the company's shares from the London Stock Exchange.

ZPG was founded in 2008. In the fiscal year ended September 2017, the company reported a 2% rise in its net profit and a 24% surge in its revenue.

Shares of ZPG jumped by 30% on Friday.

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