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Zoopla acquires Property Software Group for £75m

Overview

Travers Smith LLP has advised existing client Zoopla Property Group Plc, the digital media and lead generation platform that owns and operates some of the UK's leading online consumer brands including Zoopla, uSwitch and PrimeLocation, on the acquisition of Property Software Group (PSG) from LDC and certain management sellers for up to £75m.

Established in 2007, PSG is the UK's market-leading provider of software solutions to property professionals, used in over 8,000 agency branches.

Zoopla will fund the deal through existing cash and a £50m extension of the current debt facility it has secured from its existing lenders.

This is Travers Smith’s second significant acquisition in 12 months for Zoopla, having also acted on its £190m acquisition of uSwitch in April 2015.

Travers Smith’s team was led by corporate finance partner Andrew Gillen, who was supported by senior associate Andrew Gofton-Salmond. Banking advice was provided by head of finance Matt Ayre and senior counsel Barry Newman.