The holding company of the Daily Mail newspaper has agreed to sell its US ed tech arm Hobsons to private equity-backed school support services provider PowerSchool and EAB.
London-listed Daily Mail & General Trust (DMGT) will carve out Naviance & Intersect from Hobsons in a $320 million sale to PowerSchool, which is owned by Vista Equity Partners and has reportedly filed for a $6 billion initial public offering.
DMGT will spin-out Hobsons’ Starfish business in a sale to EAB for around $90 million.
Both of the deal values were reported by Reuters, which quoted DMGT chief executive Paul Zwillenberg as having confirmed the transactions.
PowerSchool and EAB both announced the deal in individual press statements but did not provide financial terms.
DMGT said it was advised by Centerview Partners on the transactions.
Date published: 19 February 2021