Daily Mail & General Trust PLC - London-headquartered media company - Completes sale of Hobsons, its education technology business, in two separate transactions, for total proceeds of approximately USD410 million.
Hobsons' Naviance and Intersect businesses will be sold to Folsom, California-based K-12 education technology solutions provider PowerSchool Group LLC for USD320 million and will become part of the PowerSchool platform. Meanwhile, Hobson's Starfish business is being sold to Washington DC-based education company EAB Global Inc for USD90 million.
In DMGT's financial year ended September 30, Hobson generated adjusted operating profit of GBP6 million from revenue of GBP85 million.
Company has previously noted the disposals will increase the focus of its portfolio, resulting in it operating in 4 sectors, compared to 10 in 2016. With education technology removed, these are consumer media, insurance risk, property information, and events & exhibitions.
Current stock price: 934.00 pence
Year-to-date change: up 25%
By Paul McGowan; paulmcgowan@alliancenews.com
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