Daily Mail and General Trust (DMGT) has confirmed the completed sale of leadership and conferences business, Evanta, to Leeds Equity Partners. The deal, for approximately £58 million was announced on Tuesday 18 September and completed on Friday 28 September.
DMG Events was represented in this transaction by independent investment bank for the media, information, marketing services, and technology sectors, Jordan, Edmiston Group, Inc. (JEGI) of New York.
Speaking at the time of the sales announcement, chief executive of DMGT, Martin Morgan, commented: “We continue to actively manage our portfolio. The sale of Evanta is another good example of how DMGT is focusing its financial and talent resources.
“We are committed to further expanding our fast growing events businesses operating in the energy and digital marketing sectors and those located in the Middle East region.”
DMGT is expected to use the final net cash proceeds of the sale to reduce debt.