The owner of the Daily Mail is in line for a £640m windfall from its stake in ZPG, the company behind the Zoopla property portal, which has agreed a £2.2bn takeover deal with the Californian private equity investor Silver Lake.

Daily Mail and General Trust, which is the largest shareholder in ZPG, will receive around £640m in proceeds from the takeover when the deal completes, expected to be in the third quarter of the year. That would take the media group’s total cash returns from its investment to £890m — more than 14 times the cost of its investment, the company said.

Shares in DMGT jumped as much as 9 per cent before dropping a little to trade up 5.5 per cent 40 minutes after the markets opened.

DMGT was an early investor in online property listings, buying Findaproperty in 2004 and PrimeLocation in 2006. After merging those businesses with Zoopla in 2012, it got a 55 per cent stake in the combined company. It sold a chunk of that in the 2014 Zoopla IPO for £182m, but still holds a 29.8 per cent stake in ZPG.

Paul Zwillenberg, chief executive of DMGT, said the Silver Lake offer “promises to deliver a very significant return” for the media group. “The sale of our stake, pending shareholder approval at ZPG, fits with our long track record of successfully identifying new opportunities, incubating young businesses and supporting their growth to create value for shareholders.

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