23rd Aug 2011 07:38
23rd August, 2011
Daily Mail and General Trust plc (`DMGT') Sale of George Little Management (`GLM')
On 10th June, 2011 DMGT announced that strategic alternatives were being considered with respect to its U.S. retail-focused events managed by GLM.
DMGT has now agreed terms to sell GLM to Providence Equity Partners, the leading global private equity firm focused on media, communications, information services and education investments, for approximately £106 million ($173 million). The transaction, which is subject to a number of conditions including regulatory approvals, is expected to complete in late September.
On completion, DMGT expects to receive cash of approximately £90 million ($147 million), which will be used to reduce net borrowings, and an interest-bearing note for the balance of the proceeds. The adjusted operating profits of GLM in the last year to 3rd October 2010 (before amortisation and impairment charges) were £15.7 million, and the gross assets at that date were £123 million.
Investor enquiries:
Stephen Daintith, Finance Director, DMGT 020 7938 6631
Paul Sykes, CFO, dmg::events +1 (203) 973-2940
Media enquiries:
Susanna Voyle/Matthieu Roussellier, 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 For public release
XLONRelated Shares:
DMGT.L