Europe’s biggest private-sector weather forecaster is set to change hands for €190 million (£161 million), offering a sunnier outlook for the profits and dividend payouts of a host of publishers this year.
MeteoGroup is owned by PA Group, the owner of the Press Association news wire. Its sale to private equity firm General Atlantic nets a £125 million profit for PA Group, which will be distributed to the UK media firms that jointly own the business.
Daily Mirror owner Trinity Mirror’s shares rose by more than 7% as it said part of the proceeds was likely to be distributed to shareholders when the deal is completed next year. Daily Mail and General Trust, the Daily Mail publisher and 25% shareholder in the Evening Standard, also expects a payout.
MeteoGroup has doubled in size since PA Group bought it in 2005, employing 400 people. PA Group chief executive Clive Marshall said: “The sale will provide the capital to enable us to continue to invest in and diversify the Press Association business, as well as address our pension fund deficit.”
