News Report Technology
October 30, 2023

UK’s Analytics Firm Ascential to Sell Digital Commerce, Product Design Ventures for $1.7 Billion

UK-based information and analytics firm Ascential today announced it is entering into agreements to sell its digital commerce business to US-listed Omnicom Group and its product design business to Wind UK Bidco 3 Limited, a newly-formed company established by funds advised by Apax Partners LLP. The deal is subject to shareholder approval.

According to the firm, it will sell both units for a combined enterprise value of 1.4 billion pounds ($1.7 billion) as it needs to focus on its events business.

The digital commerce business would be sold for an enterprise value of $900 million, and the consumer research unit – WGSN – would be sold for up to 700 million pounds.

Upon the successful completion of these deals, the intent is to distribute approximately 850 million pounds to shareholders, it added.

“The Board firmly believes that the proposed sales of Digital Commerce and WGSN represent excellent value for shareholders, including the return of a significant portion of the combined proceeds,” said Scott Forbes, Ascential’s Chairman.

“Furthermore, these actions are compelling in that they will enable us to achieve the objectives of the strategic review, addressing the distinct investment propositions of Ascential’s three businesses while also better positioning each business to achieve their growth ambitions,” Forbes added.

Company’s CEO to join Omnicom

Ascential also announced that its CEO, Duncan Painter, is set to join Omnicom in a new capacity as the chief of Flywheel Digital, a recently established division within the U.S.-based company responsible for managing the digital commerce business.

This follows the earlier announcement by Ascential regarding the appointment of Philip Thomas, the current CEO of its intelligence and events business, as the next chief executive of the group.

Duncan Painter said that the company felt delighted to find excellent owners for both Digital Commerce and WGSN that will allow each business to flourish and take the next steps to pursue their own individual ambitions.

Omnicom’s and Digital Commerce’s complementary technology and data platforms, together with their strong client relationships, will be instrumental in accelerating the realisation of Digital Commerce’s strategy, and WGSN is also well set for its next chapter of growth under new ownership.

“Ascential’s continuing business with its world-leading Events brands remains well-positioned to succeed as a high-quality, independent UK-listed business,” Painter added.

The recent divestment of WGSN is a crucial component of the break-up strategy unveiled in January, initially including plans for the separation and U.S. listing of its digital commerce assets.

Additionally, Ascential said that media management firm Hudson MX, has initiated the sale of its Hudson business, which Ascential maintains a 36.5% stake. Ascential’s statement confirmed the involvement of Omnicom in this sale process without providing further details.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

More articles
Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

NFTs & Mining: A Digital Synergy

The rise in usage of the non-fungible tokens has changed the way we see and engage with ...

Know More

AI in Crypto

Explore the ever-evolving realm of artificial intelligence within the cryptocurrency sphere. Discover the transformative impact of AI ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Figure Raises $675M Funding for Humanoid Robot Development, Collaborates with OpenAI for AI Model Research
Business News Report
Figure Raises $675M Funding for Humanoid Robot Development, Collaborates with OpenAI for AI Model Research
February 29, 2024
Telegram Plans to Sell TON at Discount to Long-Term Investors, Limiting Token Holdings to 10%
News Report Technology
Telegram Plans to Sell TON at Discount to Long-Term Investors, Limiting Token Holdings to 10%
February 29, 2024
How Icertis Leveraged Generative AI Copilots for a $250M Revenue Boost
Opinion Business
How Icertis Leveraged Generative AI Copilots for a $250M Revenue Boost
February 29, 2024
FTX-Linked Crypto Hedge Fund Rebrands to MNNC Group, Attracts “Mid-Eight-Figure” Investment Post-FTX Collapse
Business News Report
FTX-Linked Crypto Hedge Fund Rebrands to MNNC Group, Attracts “Mid-Eight-Figure” Investment Post-FTX Collapse
February 29, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.