August 26, 2019 / 11:19 AM / 3 months ago

Daily Mail owner to sell Genscape unit to Verisk Analytics for $364 mln

Aug 26 (Reuters) - Publisher 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, as the publisher looks to focus more on its portfolio.

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.

Genscape, which provides real-time data and intelligence for commodity and energy markets, will become part of Verisk’s Wood Mackenzie business to enhance its existing sector intelligence in energy data and analytics. ($1 = 0.8145 pounds) (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Bernard Orr)

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