Daily Mail General Trust agrees to sell off events business GLM
The Daily Mail and General Trust has announced that it is to sell retail event business GLM to Providence Equity Partners for £106m.
The deal will see the investment firm take on GLM from next month, subject to regulatory approvals, paying £90m in cash, which DMGT has said will be used to reduce net borrowing, alongside an interest bearing note for the balance of proceeds.
Gross assets of GLM as of last Autumn were worth £123m.
The remaining shares of GLM were acquired by DMGT in September 2007, with the company paying almost £94m for the 51% it did not previously own. The exhibition division of DMGT has bought its initial stake in the company earlier that year.