DMGT has now agreed terms to sell GLM to Providence Equity Partners, the leading global private equity firm focused on media, communications, information services and education investments, for approximately £106 million ($173 million). The transaction, which is subject to a number of conditions including regulatory approvals, is expected to complete in late September.
On completion, DMGT expects to receive cash of approximately £90 million ($147 million), which will be used to reduce net borrowings, and an interest-bearing note for the balance of the proceeds. The adjusted operating profits of GLM in the last year to 3rd October 2010 (before amortisation and impairment charges) were £15.7 million, and the gross assets at that date were £123 million.
