WPP and Providence Equity Partners to buy VCCP parent company Chime for $800m

ChimeCommunications group Chime, the owner of creative agency VCCP, has agreed to a buyout offer of $800m from Providence Equity Partners and WPP.

The group accepted a cash offer for its entire issued share capital at $7.79 a share, as well as an interim dividend for the current year of 54 cents per share.

Chime chairman Lord Davies of Abersoch said in a statement: “Chime has achieved great success to date in building a leading position in the global sports marketing and communications industry, which is reflected in the attractive premium being offered to shareholders.

“However, to fulfil Chime’s considerable growth potential, significant new capital is required. Providence and WPP offer Chime both the capital and the industry expertise to fast-track our ambitions to build a full scale, global sports marketing and communications business.

Subscribe to keep reading

Join Mumbrella Pro to access the Mumbrella archive and read our premium analysis of everything under the media and marketing umbrella.

Subscribe

Get the latest media and marketing industry news (and views) direct to your inbox.

Sign up to the free Mumbrella newsletter now.

"*" indicates required fields

 

SUBSCRIBE

Sign up to our free daily update to get the latest in media and marketing.