20th Apr 2006 09:57
20 April, 2006 Daily Mail and General Trust plc (`DMGT') Acquisition of Genscape by DMG Information DMG Information (`DMGI), the information publishing division of DMGT, hasreached agreement to acquire Genscape, Inc., the market leading provider ofreal-time energy generation and transmission information to the energy tradingmarkets in North America and Europe.The transaction is conditional upon clearance by the U.S. anti-trustauthorities.The initial consideration will be US$130 million (‚£73 million), payable incash, with additional payments up to a maximum of US$66 million (‚£37 million)payable between 2008 and 2011 based on future financial performance.Genscape, which is based in Louisville, Kentucky, U.S.A. has grown stronglysince it started offering services in 2001 to international energy tradingmarkets which have themselves expanded rapidly as a consequence of deregulationover the last several years. Genscape currently has over 130 customers,including utilities, investment banks, energy traders and hedge funds providingthem with critical, real-time energy generation and transmission informationutilizing proprietary technology to generate data about power plant usage andsupply availability.In the most recent financial year to December 31, 2005, Genscape's revenuesincreased by 76% to US$13 million (‚£7 million) and at that date the company hadnet assets of US$11 million (‚£6 million). We expect the transaction to beearnings enhancing from the date of acquisition.The acquisition is consistent with DMGI's strategy of investing in high growthbusinesses that offer mission critical information and analytics to nichemarkets.We expect the acquisition to be completed in mid-May.Enquiries to:Peter Williams Finance Director, DMGT 020 7938-6631Paul Sykes Chief Financial Officer, DMGI 001 203 973-2940Andrew Honnor Tulchan Communications, 020 7353-4200 Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT Tel 020 7938 6000 Fax 020 7938 4626 www.dmgt.co.uk Registered in England and Wales No. 184594ENDDAILY MAIL & GENERAL TRUST PLCRelated Shares:
DMGT.L