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Providence snaps up Daily Mail events arm for £106m

23 Aug 2011

British media giant The Daily Mail has agreed to sell its US events arm to buy-out firm Providence Equity Partners for £106m.

George Little Management (GLM) is the US retail trade show management business of London-listed Daily Mail & General Trust (DMGT), which produces content, information, analytics and events for businesses and consumers in over 40 countries

The adjusted operating profits of GLM last year were £15.7m, with gross assets amounting to £123m.

In June, DMGT announced strategic alternatives were being considered with respect to GLM.

On completion of the transaction in September, DMGT expects to receive around £90m in cash, which will be used to reduce net borrowings, and an interest-bearing note for the balance of the proceeds.

“GLM has a proven track record in exceeding the expectations of exhibitors and attendees with high-quality, customer-focused events,” stated Michael Dominguez, a managing director at Providence.

“We believe there are significant opportunities to grow GLM’s tradeshow brands in the US and internationally both organically and through acquisition, as well as to develop exciting new digital and data services,” he added.

Last month, Providence and Carlyle exited their stake in Swedish cablecompany Com Hem for $2.6bn, representing one of the largest private equity acquisitions in Europe this year.

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