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.
Simon Fox, Chief Executive 020 7293 3553
Vijay Vaghela, Group Finance Director 020 7293 3553
Mike Smith, Partner 020 7404 5959
Nick Cosgrove, Director 020 7404 5959