26th Nov 2015 07:51
LONDON (Alliance News) - Daily Mail and General Trust PLC on Thursday said it has sold its online discount business Wowcher to a newly-formed company in which the media group holds a 30% stake.
In addition, the new company will acquire the UK and Ireland operations of LivingSocial, an online marketplace which allows users to buy and share things to do in their city. The new company expects to realise synergies from the combined operations and user databases.
The new company's controlling shareholder will be Exponent Private Equity.
Daily Mail and General Trust said it will net GBP29.0 million after the proceeds from the sale of Wowcher and its investment in the new company.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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