WPP Selling Shares In Globant

WPP is selling its interest in digital strategy and technology consultant Globant via a new share offering announced last week.

In late April, after the departure of CEO Martin Sorrell, the firm’s new management team told analysts that it would take a look at its portfolio of companies, particularly companies in which it holds minority interests, with an eye toward selling some stakes.

Co-COO Andrew Scott will oversee that portfolio analysis.

The holding company said it was selling more than 5.8 million shares priced at $52. If all the offered shares sell, they would bring in a little more than $300 million.

WPP bought a 20% in Globant back in 2013 for about $70 million.

Goldman Sachs and J.P. Morgan are jointly leading the offering. 



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