WPP Scangroup to Sale 100pct of its Ownership in Kantar Group

David Indeje is Khusoko’s Digital Editor, covering East African markets.
WPP Scangroup forecast weaker earnings for its full-year financial results on Thursday as it posted Ksh 31 million profit for its six months ended 30 June 2021 compared to a loss of Ksh 532 million in the prior period.

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.”

Kantar TNS operates in Nigeria and Kenya with activities in other countries including Senegal, Cameroon, Cote d’Ivoire, and Ghana.

David Indeje is Khusoko’s Digital Editor, covering East African markets.

In my role as Community Engagement Editor For Khusoko, I care about our audience. engaging them, getting news delivered to them across a variety of platforms, and expanding the diversity of voices on our website.

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