20th Jun 2018 13:37
LONDON (Alliance News) - FTSE 100-listed advertising company WPP PLC said Wednesday it intends to sell its remaining stake in Latin American software company service Globant SA.
WPP Luxembourg Gamma Three SARL, a subsidiary of WPP, will sell its final 5.8 million shares at Globant's public ffering price of USD10.00 per share.
An additional 872,289 shares will also be available, at the same price, to underwriters.
Using these figures, WPP Luxembourg could stand to make around USD66.7 million from the sale.
WPP Luxembourg acquired an aggregate interest of 19% in Globant through three separate purchases in December 2012, January 2013, and July 2014 but has decided to drop its stake following a "recent review of its minority investments".
JP Morgan and Goldman Sachs & Co LLC will act as joint bookrunners for the offering.
Last Wednesday WPP's said its revenue for the four months to April 30 dropped 3.4% to GBP4.82 billion and avoided a shareholder revolt against a controversial pay award to Martin Sorrell, its founder and former chief executive officer.
Sorrell left WPP in April following a misconduct allegation.
Shares in WPP were trading up 1.7% at 1,229.00 pence on Wednesday.
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