DMGT to sell UK energy information business for $346m
Daily Mail owner DMGT has agreed to sell its energy information business, Genscape, to US data analytics provider Verisk for $364m (£297m).
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The sale, which was announced on Monday and is part of a broader strategy to boost the company's balance sheet, is expected to complete in the coming weeks.
Chief executive officer 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 "significant" progress has been made improving operational execution at Genscape, consistent with the group's strategic priorities.
DMGT expects to have more than £200m net cash on its balance sheet following completion of the disposal.
Genscape 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.
At 1405 BST, the shares were up 3.1% at 795p.