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 About DMGT DMGT is an international business built on entrepreneurship and innovation. We bring together leading companies and talented people to provide businesses and consumers with high-quality analysis & insight, information, news and entertainment. Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT www.dmgt.com Registered in England and Wales No. 184594