WPP said it would return to investors about 40% of the $3.1bn it earned in net proceeds from the sale in two tranches – the initial one will be approximately £250m, of the total £950m, planned to be completed by March 2020.

Mark Read, chief executive officer, WPP, said: “The completion of the Kantar transaction, earlier than anticipated, achieves the objective we set out in December 2018 to strengthen our balance sheet, and substantially completes our disposal programme. 

“It is a major step in simplifying and focusing WPP, and we intend to return around 8% of our share capital to shareholders through a buyback programme. The partnership with Bain Capital means that we will participate in the future growth of Kantar as well as allowing our clients to continue to benefit from Kantar’s services.”