Daily Mail owner sells EdTech business
The owner of The Daily Mail is selling its EdTech business, Hobsons, in two separate transactions, for a total of about $410 million, reports Reuters.
The Daily Mail and General Trust said that its Hobsons’ Naviance and Intersect businesses are being sold to U.S.-based PowerSchool, a K-12 education technology solutions company. The Hobsons’ Starfish business, after an internal restructuring, is being sold to EAB, a U.S.-based education company.
“Consistent with our strategy, the divestitures will increase the focus of the DMGT portfolio, resulting in the Group operating in four sectors, compared to ten in 2016,” Daily Mail and General Trust CEO Paul Zwillenberg said. “The proceeds will strengthen DMGT’s existing net cash position, further enhancing DMGT’s significant financial flexibility.”