WPP Confirms Press Index Buy
WPP has confirmed it is in the process of buying an 87% stake in media monitoring and analysis specialist Press Index. The price of EUR 6.81 per share values the company at EUR 11.2m.
Founded in 1997 and headquartered in Boulogne Billancourt near Paris, Press Index offers a full range of media monitoring services including social media tracking. It employs around 210 staff across France, the UK, Spain and Italy, and is led by CEO Manuel Zebeida (pictured). For the year ended 31 December 2011, consolidated audited revenues were EUR 17.5m.
Following completion of the deal, which was first discussed in June, Press Index will become part of WPP's Kantar network. At this point, Kantar will file a public tender with the French market authority, offering to purchase the outstanding shares of Press Index for the same price per share - it will then implement a 'squeeze-out' procedure for any remaining minority shareholders.
Web sites: www.wpp.com and www.pressindex.com .