May 23, 2018 / 6:14 AM / a month ago

Britain's Zoopla profits rise a third ahead of takeover

LONDON, May 23 (Reuters) - Britain’s ZPG, which runs property website Zoopla and is being bought by U.S. private equity firm Silver Lake for 2.2 billion pounds ($3 billion), posted a 33 percent rise in first-half profit as listings grew on its platforms.

Silver Lake said earlier this month it was buying the real estate portal, which also operates site PrimeLocation and comparison service uSwitch, with the deal set to complete in the third quarter of 2018 subject to shareholder approval.

“We are excited about the prospect of working with Silver Lake and the opportunity this offers to our employees, consumers and partners as we move to the next stage of ZPG’s development and growth,” said founder and CEO Alex Chesterman.

Profit reached 22.4 million pounds in the six months to the end of March as revenues also rose by a third to 157 million pounds. (Reporting by Costas Pitas, Editing by Paul Sandle)

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