Ascential Announces Sale of Two Businesses and Return to Shareholders

Shares in Ascential experienced a significant boost after the company unveiled its plan to sell two businesses, with a combined enterprise value of £1.4 billion ($1.70 billion). Following these transactions, the company intends to return approximately £850 million to shareholders through a special dividend.

At 08:47 GMT, Ascential's shares were up 76.40 pence, or 35%, reaching 292 pence.

The London-listed data-and-analytics company revealed on Monday that it has entered into an agreement to sell its digital commerce business to Omnicom Group, valued at $900 million. Additionally, Ascential has agreed to the sale of its product design business to Wind UK Bidco 3, with an enterprise value of up to £700 million.

The completion of these transactions is expected to occur by the end of the first quarter of 2024, according to Ascential.

Separately, Ascential shared that Hudson MX has initiated the sale of the Hudson business, a prominent US provider of software-as-a-service media buying and accounting solutions. Ascential holds a 36.5% stake in this venture and believes that this transaction could unlock further value for shareholders.

"Ascential's world-leading Events brands will continue to thrive as a high-quality, independent UK-listed business," stated Chief Executive Duncan Painter.