Daily Mail nets £29m from sale of discount business Wowcher

Daily Mail & General Trust has sold its online discount business, Wowcher, to a newly formed company controlled by Exponent Private Equity, in which it holds a stake of around 30%.

The company is also buying the UK and Ireland operation of LivingSocial, an online marketplace where users can buy and share things to do in their city, which is around half the size of Wowcher.

DMGT expects to realise synergies from the combined operations and databases.

In the year to the end of September, Wowcher generated £30m of revenues and achieved its first full year of operating profits.

DMGT said it will net £29m after the proceeds from the disposal of Wowcher and the investment in the new company.

At 0816 GMT, Daily Mail shares were up 3.3% to 691p.