- Ascential is a listed UK data and tech company
- The board plans to return around £850m generated from the sales to shareholders
- Apax is a global private equity advisory firm based in London
Apax Partners has completed the carve-out of WGSN, the product design business of listed UK data and tech company Ascential.
The board plans to return to shareholders around £850 million ($1.07 billion; €996.3 million) generated from the sales of the Digital Commerce and WGSN businesses as announced on 30 October 2023.
The board will now determine the appropriate form of return of value following the completion of the sales and conclusion of its recent period of consultation with current shareholders, according to a release. Options under consideration include a special dividend, a buyback and a tender process or a combination thereof, the release added.
Apax Partners made an offer to carve-out WGSN that valued the business at an enterprise value of up to £700 million in October.
Apax is a global private equity advisory firm that invests in internet/consumer, tech, services, and healthcare sectors. It is based in London.