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A number of private equity firms are reportedly interested in acquiring insurance comparison website GoCompare.
According to Bloomberg, its sources said potential acquirers include New York-based private equity firm KKR. But GoCompare and its board have decided to remain independent after talks with advisers and some potential bidders, the news organisation added.
Share prices in GoCompare and other comparison websites in the UK recently took a hit after The Guardian reported that Amazon was holding talks with some major European insurers over a potential UK price comparison website.
“As Amazon becomes a larger part of the home, whether it’s products delivered to the home, security monitoring, home services like wifi installation, you can make the case that insurance is the next logical step for this company,” Morningstar analyst RJ Hottovy said in the report.
The e-commerce giant already has a presence in the UK market through Amazon Protect, which it launched in 2016. The service covers purchases against accidental damage, breakdown, and theft. Last year, it was reported that Amazon was recruiting London-based insurance professionals for a market disruptor.
According to Bloomberg, GoCompare rejected a takeover offer from property portal ZPG, as it said the latter undervalued the firm. The LSE-listed comparison site currently has a market capitalisation of approximately £429.24 million, according to data from the stock exchange.
