Daily Mail sells education technology company Hobsons for $410M

Daily Mail and General Trust PLC agreed to sell its educational technology unit Hobsons PLC in two separate transactions totaling about $410 million.

U.S.-based K-12 company PowerSchool Group LLC will acquire the Naviance and Intersect businesses of Hobsons for about $320 million. Meanwhile, Hobsons' Starfish platform will be spun out of the company and will be sold to education company EAB for about $90 million.

Upon deal closing, PowerSchool and EAB will provide its customers with access to their respective Hobsons products.

EAB said that Starfish will continue to operate independently until the completion of the transaction.

Both deal agreements are subject to customary closing conditions.

Centerview Partners LLC served as exclusive financial adviser and Baker & McKenzie served as exclusive legal adviser to Daily Mail.