WPP buys 87% stake in Press Index

WPP confirmed it entered into binding agreements to acquire the 87% of the share capital a fortnight ago. The deal, first announced last month, is priced at €6.81 per share, valuing Press Index at €11.2m.

As a next step, Kantar will launch a simplified cash public tender offer to purchase the remaining outstanding shares of Press Index. If at the end of the public tender offer the non-tendered shares represent less than 5% of the share capital of Press Index, Kantar intends to implement a squeeze-out procedure.

In a statement, WPP said: “This investment continues WPP’s strategy of investing in important markets and sectors and its commitment to developing its strategic networks throughout Europe.”