Private equity firm Apax has agreed to acquire the forecasting patform WGSN in a deal which – it is completed – will facilitate Ascential’s break-up strategy. It is assumed that the price will be significantly below the £700mn once widely expected, not least because Apax had withdrawn from the bidding in July.
Apax has long been a favourite to acquire WGSN which it had part-owned during 2007-16, prior to the IPO of Ascential (formerly EMAP Plc). It is assumed that announcement of the acquisition (which could come next week) will be accompanied by a timetable for the US IPO of Ascential’s Digital Commerce operations, under current Ascential CEO Duncan Painter – and details of a special dividend payout for shareholders from the sale proceeds. The Events & Intelligence division (Cannes Lions, Money 20/20 and WARC) will remain the London-listed Ascential Plc under its current CEO Phil Thomas. Almost there.
