IN BRIEF: Daily Mail completes Hobsons sale, focuses portfolio
Thu, 4th Mar 2021 21:03
Daily Mail & General Trust PLC - London-headquartered media company - Completes sale of Hobsons, its education technology business, in two separate transactions, for total proceeds of approximately USD410 million.
Hobsons Naviance and Intersect businesses will be sold to Folsom, California-based K-12 education technology solutions provider PowerSchool Group LLC for USD320 million and will become part of the PowerSchool platform. Meanwhile, Hobson s Starfish business is being sold to Washington DC-based education company EAB Global Inc for USD90 million.
In DMGT s financial year ended September 30, Hobson generated adjusted operating profit of GBP6 million from revenue of GBP85 million.
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19 February 2021 | 08:08am
StockMarketWire.com - Daily Mail and General Trust said it had agreed to sell Hobsons, its EdTech business, in two separate transactions, for approximately US$410 million.
Hobsons Naviance and Intersect businesses were being sold to US-based PowerSchool, a provider of K-12 education technology solutions, for approximately US$320m, and were expected to be part of PowerSchool s unified platform, the company said.
Hobsons Starfish business, after an internal restructuring where it would be spun-out from the rest of Hobsons, was being sold to EAB, a US-based education company, for approximately US$90 million, it added.
The sales were consistent with the company s strategy, with the divestitures increasing the focus of the DMGT portfolio, resulting in the group operating in four sectors, compared to ten in 2016.