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DMGT to sell US property information business for $205m
Daily Mail & General Trust has agreed to sell EDR, its US property information business, to private equity investors Silver Lake Partners and Battery Venture for $205m.
The sale, which is expected to complete in the coming weeks, is in line with DMGT's key strategic priorities of increasing portfolio focus and enhancing financial flexibility.
DMGT said in its full-year results last November that it was planning to get rid of EDR.
"EDR is pursuing growth opportunities in managed services, an area the market is expected to transition towards. Service industries are not a preferred area of growth for DMGT and consequently a process is underway to dispose of EDR to a more appropriate owner," it said at the time.
Goldman Sachs acted as an adviser to DMGT during the disposal process.
At 1210 GMT, the shares were down 0.2% to 656p.