27th Aug 2019 06:57
(Alliance News) - Daily Mail & General Trust PLC is to sell its energy industry data unit to US firm Verisk Analytics Inc for USD364.0 million, the company said on Monday.
The sale of Genscape will result in the Daily Mail newspaper owner reducing the size of its portfolio to five sectors, compared with ten in 2016.
Chief Executive Paul Zwillenberg said: "This transaction marks another major milestone in Daily Mail & General Trust's continued transformation and is in line with our strategy.
"Significant progress has been made improving operational execution at Genscape, consistent with our strategic priorities and, on completion, Daily Mail & General Trust is expected to have more than GBP200 million net cash on its balance sheet, enhancing the group's financial flexibility."
Genscape will join Verisk's Wood Mackenzie business which offers data and analysis for clients in the natural resources sector.
Shares in Daily Mail & General closed 0.4% lower at 771.00 pence each in London on Friday.
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