DMGT sells data business Genscape for £298m

Daily Mail and General Trust (DMGT), the owner of the Mail newspapers, has sold data business Genscape for £298m.

Tidy profit: DMGT acquired the firm in 2006 for an initial sum of £73m

DMGT acquired the firm, which provides companies in the energy market with real-time data about power, oil and natural gas usage, in 2006 for an initial sum of £73m.

It is being sold to US-listed Verisk, which will merge Genscape with its energy research business. The sale comes as DMGT is slimming down its portfolio.

Following the deal, it will have more than £200m of cash on its balance sheet.