DMGT sells Wowcher to new company owned by private equity firm Exponent for £29m
The Daily Mail General Trust has offloaded discounts business Wowcher to a newly-formed company, which is majority owned by private equity firm Exponent.
DMGT will retain a stake in Wowcher, which has achieved its first full year of operating profits in the 12 months to September 30 and generated revenues of £30m, through a 30 per cent stake in the new company, which was not named in this morning's update.
The Daily Mail owner has realised net proceeds of £29m from the move.
The new company is also buying the UK and Ireland operations of Living Social "a complementary business that is approximately half the size of Wowcher, and expects to realise synergies from the combined operations and databases", the statement added.