PA seals £30m Canadian deal

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PA GROUP has sold its half share in the Canada Newswire press release distribution business to its joint venture partner UBM for £30.1 million, it was announced yesterday.

The owner of the Press Association news agency has held a stake in CNW since 1986 and the 50 per cent equity share was retained in 1999, following PA’s sale of press release distribution business Two-Ten Communications to UBM. PA said the proceeds will enable investment in its core businesses, the Press Association and weather forecasting company MeteoGroup.

Chief executive Clive Marshall said: “The agreement… underlines PA Group’s commitment to our core businesses.”