WPP to Begin GBP950 Million Share Buyback Following Kantar Deal
06 December 2019 - 5:39PM
Dow Jones News
By Adriano Marchese
WPP PLC (WPP.LN) said Thursday that it will begin a share
buyback program worth 950 million pounds ($1.25 billion) following
the completion of the sale of 60% of its Kantar business to Bain
Capital Private Equity.
The advertising group said the buyback will start with an
initial tranche of around GBP250 million, and is set for completion
by March 2020.
WPP said it will retain around 60% of the net proceeds of the
$3.1 billion deal to reduce debt to the lower end of its targeted
leverage range, and added that the buyback will return around 8% of
its share capital to shareholders.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 06, 2019 01:24 ET (06:24 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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