Esure is to acquire the remaining 50% in Gocompare.com that it did not already own for £95m.

This will give Gocompare.com a total valuation of £190m.

As part of the deal, Gocompare.com founder and chief executive Hayley Parsons has decided to leave the business following completion of the acquisition to pursue other personal and business interests.

The deal, which is subject to Competition and Markets Authority approval, is expected to be completed in the first quarter of 2015.

Ms Parsons said: "I am very proud that a company I started at my kitchen table eight years ago has achieved so much in such a short period of time. Today, we are a leading price comparison business in the UK and this is credit to all the wonderful, hard-working people we have in Newport.

"I have always said that the staff at Gocompare.com come first and I will always do the right thing by them. As such, esure's commitment to keep our headquarters in Newport was an extremely important part of my decision to sell the business and I am confident that I'll be leaving it in very safe hands.

"From a personal perspective, I am delighted that Jon Morrell will be Gocompare.com's next chief executive. I have known him for many years and am certain there is nobody more suitable to lead this business. I wish him and the team every success for the future."

(CD/JP)