Dec 5 (Reuters) - WPP said on Thursday it had
completed the sale of 60% of data analytics business Kantar to
private equity firm Bain Capital and would return about $1.4
billion to shareholders via a share repurchase programme.
WPP said the amount returned to investors would be about 40%
of the $3.1 billion it earned in net proceeds from the sale and
would be returned in two tranches, planned to be completed by
March 2020.
The company has worked to restructure following several
profit warnings and the abrupt departure of its founder and
former chief executive Martin Sorrell over alleged misconduct,
which he denies. The proceeds from the Kantar stake sale will be
used to cut debt and rebuild.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by
Giles Elgood)