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Publisher sells shares, may look for acquisitions
Thursday 15 Dec 2016 Author: William Cain

Publisher Daily Mail (DMGT) sold 32.5m shares in Euromoney (ERM), the business-to-business publisher it founded in 1969, reducing its stake to 49%.

Chief executive Paul Zwillenberg is expected to spend proceeds from the stake sale on acquisitions, according to analysts, and may look to sell more of its shares in the business.

A substantial chunk of DMGT’s value remains linked to its investment in Euromoney, worth £674m at market prices, and property portal Zoopla (ZPLA), in which it holds a 31% stake worth £411m. DMGT in total is valued at £2.6bn.

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