DAILY MAIL & GENERAL TRUST PLC - PA Group's disposal of MeteoGroup
PR Newswire
London, December 15
16 December 2013
Daily Mail and General Trust plc (`DMGT')
PA Group's disposal of MeteoGroup
PA Group, in which DMGT has an investment, announces the disposal of its
weather forecasting business, MeteoGroup.
PA Group, the parent company of the Press Association, has signed an agreement
to sell its weather forecasting business MeteoGroup to global growth investment
firm General Atlantic for cash consideration of €190 million. The transaction
is subject to German competition clearance and is expected to complete in early
2014, with 75% of the consideration payable on completion and the balance
payable one year after completion.
PA Group, in which DMGT holds a 15.6% stake, is expected to report a profit on
disposal of some £125 million. DMGT anticipates a distribution of a portion of
the proceeds through dividends after completion, though the amount and timing
of any distribution is yet to be determined, and any dividend receipts would be
treated as investment income by DMGT.
For analyst and institutional enquiries:
Stephen Daintith, Finance Director, DMGT +44 20 3615 2902
Adam Webster, Head of Management Information and Investor Relations, DMGT +44 20 3615 2903
For media enquiries:
Kim Fletcher / Charlie Potter, Brunswick Group +44 20 7404 5959
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