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PA Group's disposal of MeteoGroup

16th Dec 2013 07:00

DAILY MAIL & GENERAL TRUST PLC - PA Group's disposal of MeteoGroup

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 itsweather forecasting business, MeteoGroup. PA Group, the parent company of the Press Association, has signed an agreementto sell its weather forecasting business MeteoGroup to global growth investmentfirm General Atlantic for cash consideration of €190 million. The transactionis subject to German competition clearance and is expected to complete in early2014, with 75% of the consideration payable on completion and the balancepayable one year after completion. PA Group, in which DMGT holds a 15.6% stake, is expected to report a profit ondisposal of some £125 million. DMGT anticipates a distribution of a portion ofthe proceeds through dividends after completion, though the amount and timingof any distribution is yet to be determined, and any dividend receipts would betreated as investment income by DMGT. For analyst and institutional enquiries:Stephen Daintith, Finance Director, DMGT +44 20 3615 2902Adam 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. Webring together leading companies and talented people to provide businesses andconsumers with high-quality analysis & insight, information, news andentertainment. Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT www.dmgt.com Registered in England and Wales No. 184594

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