3rd Oct 2011 07:00
3 October, 2011
Daily Mail and General Trust plc (`DMGT') Completion of sale of George Little Management (`GLM')
DMGT announces that on 30th September, 2011 dmg events, its exhibitions and conference division, completed the disposal of GLM, following the receipt of regulatory clearances. This follows the announcement of the agreement of terms with Providence Equity Partners on 23 August, 2011.
The total consideration was US$173 million (£111 million) of which $154 million (£99 million) was cash with the balance being an interest-bearing note. In addition, DMGT benefit from selling the business with negative $7 million (£4 million) in working capital.
Dmg events was represented in this transaction by the Jordan, Edmiston Group, Inc. (JEGI) of New York, NY, a leading independent investment bank for the media, information, marketing services, and technology sectors, which acted as its exclusive financial advisor.
Investor/ analyst enquiries:
Stephen Daintith, Finance Director, DMGT 020 7938 6631
Media enquiries:
Susanna Voyle/James Macey White, 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. 184594
Not for public release before 7am on 3rd October, 2011
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