WPP shareholders voted overwhelmingly today in favor of a company proposal to sell 60% of its Kantar research division to Bain Capital.
As part of the deal, Kantar will be spun out of WPP and placed within a newly created 60-40 joint venture with WPP holding the minority stake.
The vote took place at a specially convened general shareholders meeting in London. More than 99% of voted shares were cast in favor of the deal.
WPP and Bain struck an agreement in July that puts a valuation on Kantar of about $4 billion.
In addition to WPP shareholder approval, the agreement is subject to anti-trust approvals globally where Kantar operates.
The parties expect to complete the transaction in early 2020. WPP will use some of the proceeds of the sale to reduce debt. An estimated $1.2 billion will be returned to shareholders.