M&C Saatchi PLC Disposal of 24.9% Walker Media (Blue 449) (7596O)
01 February 2019 - 6:00PM
UK Regulatory
TIDMSAA
RNS Number : 7596O
M&C Saatchi PLC
01 February 2019
M&C SAATCHI PLC
1(st) February 2019
Sale of 24.9% stake in Walker Media to Publicis Groupe
M&C Saatchi, the global marketing services business, is
pleased to announce that it has sold its remaining stake in Walker
Media (trading as Blue 449), a leading UK media agency, to Publicis
Groupe.
The total consideration for the 24.9% stake is GBP25m, which
equates to a valuation for the whole of Walker Media of
approximately GBP100m. The consideration was payable in cash on
completion of the transaction, on 31 January 2019. In the financial
year ended 31 December 2017 Walker Media contributed associate
income of GBP1.6m with the investment in associates valued at
GBP10.7m on the balance sheet.
The cash proceeds will be used to fund future growth, consistent
with M&C Saatchi's strategy of winning new business by starting
new businesses.
David Kershaw, CEO, M&C Saatchi, said:
"M&C Saatchi has started many businesses. Walker Media was
one of the first and has been one of the greatest. Christine, Phil
and Simon have done a magnificent job, latterly with Publicis Media
and we owe them all a huge debt of gratitude. M&C Saatchi has
evolved considerably over the past 20 years and we believe now is
the right time to realise the value of our minority stake, to
support our entrepreneurial strategy of starting new businesses and
building the stars of tomorrow."
Contacts:
M&C Saatchi +44 (0)20-7543-4500
David Kershaw
Tulchan Communications +44 (0)20-7353-4200
Tom Murray
Clarity +44 (0)20-3402-4904
Lead Financial Adviser
Marcus Anselm
Numis Securities +44 (0)20-7260-1000
Nick Westlake, Hugo Rubinstein, NOMAD
Charles Farquhar, Corporate Broking
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END
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