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Daily Mail and General Trust offloads energy information business for US$364mln

“This transaction marks another major milestone in DMGT’s continued transformation and is in line with our strategy,” chief executive Paul Zwillenberg said.

Daily Mail and General Trust -
DMGT bought energy information firm Genscape in 2006

Daily Mail and General Trust PLC (LON:DMGT) has offloaded its energy information business as part of a series of disposals to bolster its balance sheet.

The company agreed to sell Genscape to US-listed data analytics provider, Verisk – the owner of oil industry consultancy Wood Mackenzie – for US$364mln.

The sale is part of a strategy to streamline the portfolio under Paul Zwillenberg, who became chief executive of DMGT in 2016.

“This transaction marks another major milestone in DMGT’s continued transformation and is in line with our strategy,” Zwillenberg said.

DMGT sold its US$810mln (£662mln) stake in financial publisher and events firm Euromoney in April and a month later offloaded its 40% interest in Real Capital Analytics for US$89mln.

Last year the group sold its remaining holding in the owner of property website Zoopla.

DMGT, which owns the Daily Mail newspaper, said the disposal of Genscape will add US$244mln of net cash to its balance sheet to fund acquisitions.

The company bought Genscape, which provides commodities data to energy traders, in 2006 for US$130mln.  Last year Genscape generated earnings (EBITDA) of US$8.5mln and revenue of US$105mln.

Quick facts: Daily Mail and General Trust

Price: 840 GBX

LSE:DMGT
Market: LSE
Market Cap: £1.75 billion
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