Divestment of MeteoGroup by PA Group

RNS Number : 5684V

Trinity Mirror PLC

16 December 2013

 



Trinity Mirror plc

16 December 2013

Trinity Mirror's associated undertaking, PA Group, announces the disposal of its weather forecasting business, MeteoGroup

PA Group, the parent company of the Press Association (PA), in which Trinity Mirror has an investment of 21.5%, signed an agreement to sell its weather forecasting business MeteoGroup to global growth investment firm General Atlantic for cash consideration of €190 million. The transaction is subject to German Competition clearance and is expected to complete in early 2014 with 75% of the consideration payable on completion with the balance payable one year after completion.

PA is expected to report a profit on disposal of some £125 million. Trinity Mirror will account for it's share of such profit as an exceptional gain at the time of completion. Whilst Trinity Mirror anticipates a distribution of a portion of the proceeds through dividends after completion, the quantum and timing of any distribution is yet to be determined.

Enquiries:

Trinity Mirror                                                                        

Simon Fox, Chief Executive                                                               020 7293 3553

Vijay Vaghela, Group Finance Director                                              020 7293 3553

Brunswick

Mike Smith, Partner                                                                            020 7404 5959

Nick Cosgrove, Director                                                                      020 7404 5959

 

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