Providence, WPP Agree to Acquire Chime in £374 Deal
August 03, 2015
Providence Equity Partners and marketing firm WPP, through an indirectly controlled investment vehicle (Bidco), have reached an agreement to acquire Chime Communications (LSE: CHW), a global sports marketing and communications industry. Chime shareholders, other than WPP, which already owns a stake in the company, will receive 365 pence per share in cash, representing a premium of about 33% to the company's closing share price on July 29. The offer values the entire issued and to be issued share capital of Chime at approximately £374 million. WPP will acquire a minority interest in Bidco, which is controlled by Providence, to maintain its ownership in the company.