Hogan Lovells Advises Lenders on £150m uSwitch Acquisition by Zoopla
11 May 2015
London 8 May – Hogan Lovells London-based banking team has advised the lenders on the £150m acquisition by property search website Zoopla of price comparison website uSwitch.
Hogan Lovells advised HSBC Bank plc, Barclays Bank plc, The Royal Bank of Scotland plc and Lloyds Bank plc as Mandated Lead Arrangers and Original Lenders on an unsecured revolving credit facility for the purchase of uSwitch.
With uSwitch among its portfolio, Zoopla will be able to offer a one-stop shop for property buyers and a single platform where consumers can research, find and manage their homes. Founded in 2007, Zoopla Property Group plc owns and operates some of the UK's leading online property brands including Zoopla, Primelocation, SmartNewHomes and HomesOverseas.
The Hogan Lovells team advising the lenders was led by London banking partner Stuart Brinkworth and associate, Scott Gibson. They were assisted by associates Graham Price (banking), Tom Eyre-Brook (tax), Alex Browning (private equity), senior associate Oliver Vallee (private equity) and trainee solicitor Heloise O'Malley.
Commenting on the transaction, Stuart Brinkworth said:
"This is a significant acquisition in the online property market and we are pleased to have been able to advise on a viable financing package to make possible what will no doubt be a very successful combination."