Last checked at 1 Feb 2019 07:00
M&C SAATCHI PLC
1st February 2019
Sale of 24.9% stake in Walker Media to Publicis Groupe
M&C Saatchi, the global marketing services business, is pleased to announce that it has sold its remaining stake in Walker Media (trading as Blue 449), a leading UK media agency, to Publicis Groupe.
The total consideration for the 24.9% stake is £25m, which equates to a valuation for the whole of Walker Media of approximately £100m. The consideration was payable in cash on completion of the transaction, on 31 January 2019. In the financial year ended 31 December 2017 Walker Media contributed associate income of £1.6m with the investment in associates valued at £10.7m on the balance sheet.
The cash proceeds will be used to fund future growth, consistent with M&C Saatchi's strategy of winning new business by starting new businesses.
David Kershaw, CEO, M&C Saatchi, said:
"M&C Saatchi has started many businesses. Walker Media was one of the first and has been one of the greatest. Christine, Phil and Simon have done a magnificent job, latterly with Publicis Media and we owe them all a huge debt of gratitude. M&C Saatchi has evolved considerably over the past 20 years and we believe now is the right time to realise the value of our minority stake, to support our entrepreneurial strategy of starting new businesses and building the stars of tomorrow."
Contacts:
M&C Saatchi +44 (0)20-7543-4500
David Kershaw
Tulchan Communications +44 (0)20-7353-4200
Tom Murray
Clarity +44 (0)20-3402-4904
Lead Financial Adviser
Marcus Anselm
Numis Securities +44 (0)20-7260-1000
Nick Westlake, Hugo Rubinstein, NOMAD
Charles Farquhar, Corporate Broking