PA Group

JOHNSTON PRESS

PA Group, a Johnston Press investment announces the disposal of its weather forecasting business, MeteoGroup

PA Group, the parent company of the Press Association (PA), in which Johnston Press has an investment of 3.5%, signed an agreement to sell its weather forecasting business MeteoGroup to global growth investment firm General Atlantic for cash consideration of €190 million. The transaction is subject to German Competition clearance and is expected to complete in early 2014 with 75% of the consideration payable on completion with the balance payable one year after completion.

PA is expected to report a profit on disposal of some £125 million. Whilst Johnston Press anticipates a distribution of a portion of the proceeds through dividends after completion, the quantum and timing of any distribution is yet to be determined.

For further information:

Richard Oldworth/ Sophie McNulty/ Clare Akhurst

Buchanan 

0207 466 5000

www.buchanan.uk.com