PA Group sells weather forecaster MeteoGroup for £161m
Europe’s biggest private-sector weather forecaster, MeteoGroup, owned by PA Group, the owner of the Press Association news wire, is set to change hands for €190 million
Its sale to private equity firm General Atlantic nets a £125 million profit for PA Group, which will be distributed to the UK media firms that jointly own the business.
Daily Mirror owner Trinity Mirror’s shares rose by more than 7 per cent as it said part of the proceeds was likely to be distributed to shareholders when the deal is completed next year. Daily Mail and General Trust, the Daily Mail publisher, also expects a payout, although publisher UBM said the proceeds would offset restructuring charges incurred already this year.
MeteoGroup has doubled in size since PA Group bought it in 2005, employing 400 people in 14 countries. PA Group chief executive Clive Marshall said: “The sale will provide the capital to enable us to continue to invest in and diversify the Press Association business, as well as address our pension fund deficit.”
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies