WPP’s Kantar Boss Talks Buyout After Sorrell Exit
WPP’s data and market research arm, Kantar, may be opting for a buyout following the shock exit of CEO Martin Sorrell a fortnight ago.
Kantar boss Eric Salama has reportedly been looking for backers to fund the £3.5 billion management buyout of the unit.
According to Reuters, Salama has been in talks with private equity firms as well as banks since Sorrell’s departure and is open to keeping the WPP businesses to remain as one, however, is also interested in a Kantar buyout.
Meanwhile, as per The Financial Times, CVC Capital Partners has reportedly approached WPP about the potential sale of Kantar.
A statement was released over the weekend from Mark Read and Andrew Scott, who are currently overseeing the company, along with Roberto Quarta, who is now WPP’s executive chairman.
The statement said, “[Read, Scott, and Quarta] will focus on the optimum shape of the group to create growth and shareholder value and will make their recommendations to the board in due course.”
Adding, “It is too early to speculate about specific asset sales. In the meantime, it has been made clear that they don’t believe breaking up the group makes sense.”
WPP is due to post its first-quarter results sometime today, the first numbers since Sorrell’s exit.
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