Aug 5, 2021
Daily Mail owner agrees sale of disaster analytics unit to Moody’s
The owner of the Daily Mail newspaper has struck a deal to sell its disaster risk modelling business RMS to US rating agency Moody's for £1.43bn, paving the way for the Rothermere family to take the UK publisher private. RMS is one of the world's most influential providers of analytics for reinsurers, and property and casualty insurance companies, and has been owned by DMGT since 1998. To compensate trustees for the sale, given that DMGT will be materially smaller when it completes, DMGT plans to pay about £60m into an escrow account for the pension schemes. DMGT said it expected the sale to result in costs of about £210m, including bonus scheme payouts to RMS executives, given the changed ownership, tax charges and disposal fees. Lazard advised DMGT on the RMS sale, while Centerview Partners advised Moody's.
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