WPP today announces the sale of its minority shareholding in Chime Group Holdings Limited, the sports, entertainment and communications group, to the majority shareholder Providence.
The deal value is estimated at £54.4m with potential additional amounts based on the future value of Chime.
The disposal is in line with WPP’s new strategy as set out in December 2018, a key element of which is to focus on its main areas of business and simplify its operations through the disposal of non-core assets.
Earlier, It was speculated that the advertising giant would offload its 25% holding in Chime to Providence, which already owns a 75% stake.
WPP partnered with the US-based private equity firm to acquire Chime in a £374m deal in 2015 during former Chief executive Sir Martin Sorrell’s regime.
