Directors at WPP Scangroup (NSE:SCAN) have approved the sale of 100% of its shareholding in Millward Brown’s Nigeria, West Africa, and East African business as part of its new strategy, selling Global Kantar Group, a Data, insights and consulting, to Bain Capital Group.
Funds raised from the sale will be used in expansion and capital needs with 40% of the proceeds being paid out as a special dividend to shareholders.
“The sale will realize approximately KSh 5 billion after estimated tax and costs. The consideration has been arrived at under a global competitive auction process carried out by WPP Plc,” announced Reuben Mwangi.
“The board has considered the use of the proceeds from the disposal taking to considerations potential expansion and capital need and subjects to completion expects that at least 40% of the net proceeds shall return to shareholders in the form of a special dividend.”
.@WPPScangroup will sell all of its shareholding in Millward Brown EA Ltd.
The sale will realise KES5bn, after tax and costs.
At least 40% of net proceeds shall be returned to shareholders in the form of a special dividend. @bharatthakrar @kenyanwalstreet
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— Rich Markets (@RichEconomics) November 1, 2019
Kantar TNS operates in Nigeria and Kenya with activities in other countries including Senegal, Cameroon, Cote d’Ivoire, and Ghana.