DMGT announces partial sale of Wowcher to Exponent

DMGTDMGT announces the disposal of Wowcher, dmg media’s online discount business, to a newly formed company, in which DMGT holds a c.30% stake.

The company is also acquiring the UK and Ireland operations of LivingSocial, a complementary business that is approximately half the size of Wowcher, and expects to realise synergies from the combined operations and databases. Exponent Private Equity is the controlling shareholder of the new company.

In the year to 30 September 2015, Wowcher generated £30 million of revenues and achieved its first full year of operating profits.

DMGT’s net proceeds from the disposal of Wowcher and the investment in the new company are £29 million.