PA Group, the parent company of the Press Association, is to sell its weather business MeteoGroup to global growth investment firm General Atlantic.
MeteoGroup, Europe’s largest private sector weather business, provides weather services for corporate, industrial, media and consumer markets including key sectors such as transport, marine and energy.
Since PA’s acquisition of MeteoGroup in 2005, the business has enjoyed consistent double digit growth in both revenue and profit and has more than doubled in size, employing almost 400 people in 14 countries.
Clive Marshall, PA Group’s Chief Executive, said: “The sale of MeteoGroup will provide the capital to enable us to continue to invest in and diversify the Press Association business, as well as address our pension fund deficit.
“This sale, which follows the divestment of our interest in Canada Newswire in 2012, is part of the company’s strategy to focus our activities on the Press Association news and information business; develop new products and services for both media and non-media customers; and seek strategic acquisitions that help diversify the revenue and profits of the company.
“Our recent investments in Globelynx and Sticky Content – companies that provide services to both the media and corporate markets – are key elements in our diversification strategy.
Related articles:
- PA Group acquires content marketing business Sticky Content Posted on October 9, 2013
- PA Acquires Globelynx “TVready” Network Posted on November 19, 2011
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