August 26, 2019 / 11:24 AM / 3 months ago

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

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

The owner of Britain’s Daily Mail and news website MailOnline said it expects to have more than 200 million pounds ($245.54 million) 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.

($1 = 0.8145 pounds)

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

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