Press Association's parent company, PA Group, is said to have plans to exit from its weather business MeteoGroup. Private equity firm General Atlantic will pay £160 million (€190 million) for MeteoGroup, according to The Telegraph.
PA is expected to get a £125m profit from the sale of the biggest private weather business in Europe, the report stated.
MeteoGroup is a company that provides weather services for industrial, media, consumer, and corporate industries. The firm presently employs almost 400 workers in 14 countries, the report detailed.
PA Group executive chief Clive Marshall said of the transaction, "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." Marshall also said the sale supported the firm's strategy of developing fresh products and services for both media and non-media clients. He also said the company is seeking strategic acquisitions to diversify PA's revenue and profits, the report explained.
General Atlantic presently holds under management a capital portfolio worth $18 billion, The Telegraph reported.
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