Slimmed-down WPP to net $3.1 billion selling Kantar stake to Bain

(Reuters) – WPP is selling a 60% stake in Kantar to private equity firm Bain Capital, valuing the data analytics business at about $4 billion and giving the British owner of agencies including Ogilvy and Wunderman Thompson funds to cut debt and rebuild.

WPP is restructuring following several profit warnings and the abrupt departure of its founder and former chief executive Martin Sorrell over alleged misconduct, which he denies.

Sorrell’s replacement Mark Read said the Kantar sale, which WPP expects to lead to proceeds of about $3.1 billion after tax and continuing investment, created value for WPP shareholders.

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