(Alliance News) - WPP PLC said Monday it has sold its minority interest in sports communications firm Chime Group Holdings Ltd for at least GBP54 million as part of its strategy to focus on core business areas.
The FTSE 100-listed advertising firm will sell its Chime stake for an initial GBP54.4 million to majority shareholder Providence. WPP could receive further unspecified payments from Providence based on the future value of Chime.
In 2015, WPP and Providence made a combined GBP374 million offer for Chime.
WPP explained the sale of Chime was in line with its new strategy to "focus on its main areas of business and simplify its operations through the disposal of non-core assets".
Shares in WPP were 1.0% higher at 999.84 pence in London on Monday.
WPP (WPP)
