WPP moves to acquire full ownership of WPP AUNZ
WPP currently holds a 61.5% stake in the share capital of WPP AUNZ.
The proposed deal would mean WPP acquiring the shares it doesn’t currently own, taking 100% ownership and control of its operations in Australia and New Zealand.
WPP has submitted the proposal to the board of WPP AUNZ. The proposal of A$0.55 per share in cash would see WPP paying approximately A$181m for the remaining shares.
The move is part of the company’s plan to simplify its structure globally.
The proposal has not yet been shared with WPP AUNZ shareholders and is subject to conditions including regulatory approvals. If implemented, the acquisition is expected to complete in 2021.
Last year, WPP AUNZ agreed to sell its Kantar businesses in Australia and New Zealand, as part of WPP’s sale of 60% of Kantar to private equity firm Bain Capital.
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