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Share Price Information for WPP (WPP)
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Share Price:
812.60
Bid:
814.00
Ask:
814.40
Change:
0.00 (0.00%)
Spread:
0.40 (0.049%)
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Prev. Close:
812.60
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Don't have an account? Click here to register.WPP to sell 60% of Kantar to Bain Capital
Fri, 12th Jul 2019 07:38
(Sharecast News) - WPP on Friday confirmed it planned to sell 60% of its Kantar market-research business to US private equity company Bain Capital, valuing it at $4bn (£3.19bn).The advertising giant said it would retain around 60% of net proceeds, or $3.1bn, to cut debt to the low end of a target range, with the balance of $1.2bn returned to shareholders.WPP is trying to transform itself after the sudden departure in April last year of chief executive Martin Sorrell over alleged misconduct, which he denied, and several profit warnings.Chief executive Mark Read, who has been trying to turn the company around since Sorrell's departure, said WPP would continue to benefit from Kantar's future growth "while our clients continue to benefit from its services and capabilities"."This transaction creates value for WPP shareholders and further simplifies our company. With a much stronger balance sheet and a return of approximately 8% of our current market value to shareholders planned, we are making good progress with our transformation."WPP said the impact of the deal and use of proceeds were forecast to be marginally dilutive to headline earnings per share in 2021, adding that it expected completion in early 2020, subject to approval by WPP shareholders and regulatory and legal approvals.
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*Read more11 Jan 2024 17:03
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WPP reportedly mulling sale of Kantar stake
(Sharecast News) - Advertising agency conglomerate WPP is exploring options to divest its 40% stake in market research firm Kantar, it was reported on Wednesday, in a bid to raise capital and address a declining share price.
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