Data and analytics company Ascential has announced that it has entered into agreements to sell its digital commerce and product design businesses for a combined £1.4bn ($1.7bn), the company said in a statement today (30 October).
The sale, which is still subject to shareholder approval, will see Ascential’s digital commerce unit go to Omnicom Group for an enterprise value of $900m. Its product design unit will go to Wind UK Bidco 3 Limited (“Bidco”), a newly-formed company, for approximately $849m.
Ascential said it intends to distribute approximately £850m to Ascential shareholders following the sale.
Ascential’s CEO Duncan Painter will join Omnicom and become CEO of Flywheel Digital, a new unit of Omnicom, which will operate the digital commerce business.
Philip Thomas, currently CEO of Ascential’s intelligence and events business, will be appointed as the group’s new CEO.
The company expects the transactions to be completed by the end of Q1 2024.
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