Ascential PLC has successfully completed the sale of its product design business, WGSN, to Wind UK Bidco 3 Limited, a newly formed company established by funds advised by Apax Partners. The company intends to return approximately £850m generated from the sales of the Digital Commerce and WGSN businesses to shareholders. The Board will determine the appropriate form of return of value, which may include a special dividend, a buyback, and a tender process or a combination thereof. An update on this will be provided in the coming weeks.
Philip Thomas, Chief Executive of Ascential, expressed delight at the completion of the sale, stating, "The sale of WGSN completes the execution of the Strategic Review announced in 2023 and highlights our ongoing commitment to deliver value for shareholders." Ascential is now a focused events-led business, with two leading event brands supporting customers to lead their industries and achieve growth.
Ascential is a global company serving a customer base from over 100 countries in the Marketing and Financial Technology sectors. The company is listed on the London Stock Exchange (LON: ASCL). For further information, visit ascential.com.
The announcement contains forward-looking statements, including those regarding the company's financial position, business strategy, and plans for future operations. These statements involve known and unknown risks and uncertainties beyond the company's control that could cause actual results to differ materially from future results expressed or implied by the statements.