WPP: sells minority stake in British sports marketing group
(CercleFinance.com) - WPP said on Monday that it has agreed to sell its minority stake in British sports marketing group Chime to majority shareholder Providence for 54 million pounds (60 million euros).
The advertising giant said that the deal is in line with its new strategy, which is to focus on its main businesses and simplify operations through the disposal of non-core assets.
The transaction is set to include potential additional amounts based on the future value of Chime, WPP said.
Chime creates sports, entertainment and communications campaigns for clients such as HSBC, easyJet, Cadburys, and Facebook. It has over 40 offices worldwide, including San Francisco, Tokyo, Dubai and London.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The advertising giant said that the deal is in line with its new strategy, which is to focus on its main businesses and simplify operations through the disposal of non-core assets.
The transaction is set to include potential additional amounts based on the future value of Chime, WPP said.
Chime creates sports, entertainment and communications campaigns for clients such as HSBC, easyJet, Cadburys, and Facebook. It has over 40 offices worldwide, including San Francisco, Tokyo, Dubai and London.
Copyright (c) 2019 CercleFinance.com. All rights reserved.