Deals
Sorrell’s S4 Raises $146 Million for ‘Aggressive’ Deal Chase
- Sorrell subscribes to about 8.5 million pounds of new shares
- Industry veteran remains on the hunt for acquisitions
Martin Sorrell
Photographer: Jason Alden/BloombergThis article is for subscribers only.
S4 Capital Plc, the digital advertising and marketing group founded by former WPP Plc boss Martin Sorrell, raised 116 million pounds ($146 million) in a stock offering to fund acquisitions.
The company sold 29.7 million shares to a mix of existing and new investors at 315 pence each, while directors bought a further 7.1 million shares, it said in a statement Thursday. The final price on the offering, which represents about 7.5% of the company’s equity capital, is equal to S4’s last closing price.