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

WPP Scangroup Share Price Gains 26.3%

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.