Deals
Bain Buys Huge Stake in Market Research Business for $4 Billion
- Private equity firm beat off Apollo, Platinum Equity, Vista
- Move is part of WPP CEO Read’s revamp of ad agency network
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Bain Capital agreed to buy 60% of WPP Plc’s market research unit Kantar, bringing the ad group $3.1 billion to cut debt and return funds to investors hit by a share price slump.
The private equity firm entered exclusive talks with WPP last week after beating out rival buyout companies in an auction. WPP will retain around 60% of the proceeds to reduce borrowing to the low end of a target range and return the rest to shareholders, it said in a statement.