August 26, 2019 / 11:23 AM / 22 days ago

Daily Mail owner to sell energy data unit to Verisk Analytics for $364 million

(Reuters) - Britain’s Daily Mail and General Trust (DMGOa.L) said on Monday it had agreed to sell its energy information business Genscape to data analytics provider Verisk Analytics (VRSK.O) for $364 million (£296 million).

The owner of Britain’s Daily Mail and news website MailOnline said it expects to have more than 200 million pounds net cash on its balance sheet after the deal is completed.

DMGT posted higher first-half profit earlier this year, helped by a growth in revenue from its site and app, which often feature showbusiness and celebrity stories.

The company, which also has business-to-business and events divisions, said the disposal will result in DMGT operating in five sectors, compared to 10 in 2016.

Genscape, which provides real-time data and intelligence for commodity and energy markets, will become part of Verisk’s Wood Mackenzie business.

Centerview Partners advised DMGT on the disposal process.

Reporting by Tanishaa Nadkar in Bengaluru; Editing by Bernard Orr and Saumyadeb Chakrabarty

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