PA Group, the parent company of the Press Association (PA), has signed an agreement 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, says: "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."
John Bernstein, managing director at General Atlantic, says: "MeteoGroup is another example of a fast growth European business with global reach, creating innovative new products and services in the weather data and forecasting industry.
"MeteoGroup combines world-leading forecasting technology and products with a highly talented international management team. We are impressed with the achievements of the business and are excited to contribute our strategic support and long-term partnership approach to further MeteoGroup's development and global expansion."
The transaction is subject to regulatory approval.
