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Daily Mail and General Trust agreed to sell EdTech business Hobsons
StockMarketWire.com
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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.
At 8:08am: (LON:DMGT) Daily Mail and General Trust PLC share price was 0p at 708p
Story provided by StockMarketWire.com
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