Under the terms of the acquisition, shareholders will receive 365p in cash for each Chime share along with an interim dividend for the current year of 2.53p per Chime share.

The offer represents a 33% premium on Chime’s closing price of 275p on Wednesday ( 29 July 2015 ).

The purchase is being carried out by Bidco, a newly-incorporated entity indirectly controlled by funds managed by Providence. WPP will acquire an indirect minority interest in Bidco.

Andrew Tisdale, director of Bidco, said: “Chime’s history is one of innovation, creativity and consistent delivery of superior results for its clients. We believe Chime’s true assets are its people, and are excited to have the opportunity to partner with them as we embark on the next phase of the company’s growth.”

Lord Davies of Abersoch (pictured), chairman of Chime, said: “Chime has achieved great success to date in building a leading position in the global sports marketing and communications industry, which is reflected in the attractive premium being offered to shareholders. However, to fulfil Chime’s considerable growth potential, significant new capital is required. Providence and WPP offer Chime both the capital and the industry expertise to fast-track our ambitions to build a full scale, global sports marketing and communications business.”