DMGT agrees sale of risk business RMS for GBP1.43bn

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Daily Mail and General Trust (LSE:DMGT) PLC has agreed the sale of its insurer risk assessment business RMS to Moody’s Corporation for GBP1.43bn in cash.


The sale alongside the listing of online car dealer Cazoo in New York are key planks in owner and chairman Viscount Rothermere’s plan to take the business private.


Rothermere has made an offer worth 251p or GBP810mln for the DMGT newspaper businesses without Cazoo and RMS, with shareholders to get a special dividend plus a stake in Cazoo.


Paul Zwillenberg, DMGT CEO, said: “The sale of RMS marks another major milestone in DMGT’s transformation. It is the culmination of our strategy of investment in businesses combined with active portfolio management.


“Consistent with our objective of delivering compelling returns for our investors, we have decided that now is the right time to monetise our investment in RMS at a premium valuation. “


The price for RMS is in line with the terms agreed for the Rothermere buy-out, he added.


The sale is expected to be completed next month if it wins regulatory clearance in America.

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