DMGT has sold its remaining 50% in DMG Radio Australia (DMGRA) to Illyria, the private investment vehicle of Mr Lachlan Murdoch, which first acquired a 50% interest in November 2009.
DMGT has received A$100m (£65 m) in cash and, later in the year, will receive a further sum equivalent to 50% of the final DMGRA dividend for the year ending 30 September, 2012. DMGT will use the proceeds of the sale to reduce debt.
Martin Morgan, Chief Executive of DMGT, said: “Our partnership with Illyria over three years has been a success. Following an approach from Illyria, we decided now was an appropriate time to realise the value created by DMGRA’s improved performance. The transaction represents another step forward for our strategy to concentrate resources on a more focused portfolio of businesses”.
UK, London & Australia, Sydney, Pyrmont
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Fusion Corporate Partners 