Ascential Announces Proposed Sales Of Digital Commerce, And WGSN - Quick Facts

(RTTNews) - Ascential plc (ASCL.L) has entered into agreements to sell its digital commerce business to Omnicom Group Inc., and its product design business or WGSN to Wind UK Bidco 3 Limited, a newly-formed company established by funds advised by Apax Partners LLP for a combined enterprise value of 1.4 billion pounds and cash proceeds of 1.2 billion pounds. Following completion, Ascential Group will be composed substantially of Events business.

The agreement to sell Digital Commerce is for a total enterprise value of approximately 741 million pounds. The agreement to sell WGSN is for a total enterprise value of up to 700 million pounds. Ascential plc said, following completion of the deal, it plans to distribute approximately 850 million pounds to Ascential shareholders. The balance of the proceeds will be used to pay taxes, transaction and separation costs and to repay drawn amounts under current debt facility.

On completion of the Digital Commerce Sale, Duncan Painter, currently CEO of Ascential, will join Omnicom and take on a new role as CEO of Flywheel Digital, which will operate the Digital Commerce business. Duncan Painter will step down from the Board of Ascential. Philip Thomas, currently CEO of Ascential Intelligence and Events, will be appointed as Chief Executive Officer of Ascential.

Separately, Ascential plc said the Board of Hudson MX has initiated a sale of the Hudson business, a US provider of SaaS media buying and media accounting solutions in which Ascential is a 36.5% shareholder. Omnicom Group has confirmed participation in the sale process for Hudson.