Daily Mail owner sells energy information business Genscape in £297m deal

Daily Mail owner sells energy information business Genscape in £297m deal

Daily Mail, DMGT

The owner of the Mail titles has sold its energy information business Genscape for $364m (£297m) to US firm Verisk.

Daily Mail and General Trust said in a market statement that it expects the sale to be completed in the coming weeks.

Genscape will become part of Verisk’s short-term energy data and analytics business Wood Mackenzie following the deal.

The energy information firm collected data and offered forecasts and analytics to customers in the market, according to its website.

DMGT chief executive Paul Zwillenberg said: “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.”

He added that the sale of Genscape was “consistent with our strategic priorities” and would add more than £200m net cash to the company’s balance sheet.

The sale of Genscape comes five months after the publisher returned its stake in business and finance publisher Euromoney.

DMGT paid out £200m cash to select shareholders with Lord Rothermere increasing his stake in the Mail and Metro publisher following the Euromoney deal.

The DMGT stake in Euromoney was worth £696m and was returned as the group sought to focus on the rest of its portfolio.

DMGT reported revenues of £724m for the six months ended 31 March and pre-tax profit of £100m.

Picture: Reuters/Toby Melville



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