26 Aug 2019 11:16
Daily Mail and General Trust plc (DMGT) Agreement to dispose of Genscape 26-Aug-2019 / 11:16 GMT/BST Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
26 August 2019
Daily Mail and General Trust plc (DMGT) Agreement to dispose of Genscape
DMGT announces that it has agreed the sale of Genscape, its Energy Information business, to Verisk (Nasdaq: VRSK), a leading data analytics provider, for US $364m. Genscape will become part of Wood Mackenzie, a Verisk business, and will enhance Wood Mackenzie's existing and complementary sector intelligence business in short-term energy data and analytics. The sale is expected to complete in the coming weeks, subject to the completion of customary closing conditions.
Paul Zwillenberg, CEO, commented: "This transaction marks another major milestone in DMGT's continued transformation and is in line with our strategy. It will further increase the focus of the portfolio and will result in DMGT operating in five sectors, compared to ten in 2016. Significant progress has been made improving operational execution at Genscape, consistent with our strategic priorities and, on completion, DMGT is expected to have more than £200m net cash on its balance sheet, enhancing the Group's financial flexibility."
Genscape, a pioneer in real-time data delivery, provides market intelligence across the global commodity and energy spectrum. It operates the world's largest private network of in-field monitors for collecting fundamental energy data and aims to improve market transparency and efficiency.
Centerview Partners are acting as advisers to DMGT during the disposal process. Enquiries
Market Abuse Regulation The information communicated in this announcement includes inside information.
About DMGT DMGT manages a portfolio of companies that provide businesses and consumers with compelling information, analysis, insight, events, news and entertainment. The Group takes a long-term approach to investment and has market-leading positions in consumer media, insurance risk, property information, education technology, energy information and events & exhibitions. In total, DMGT generates revenues of around £1.4bn.
Person responsible for arranging the release of this announcement:
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| ISIN: | GB00BJQZC279 |
| Category Code: | DIS |
| TIDM: | DMGT |
| LEI Code: | 4OFD47D73QFJ1T1MOF29 |
| Sequence No.: | 17984 |
| EQS News ID: | 863063 |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.