By Adriano Marchese
WPP PLC (WPP.LN) said Thursday that it will begin a share buyback program worth 950 million pounds ($1.25 billion) following the completion of the sale of 60% of its Kantar business to Bain Capital Private Equity.
The advertising group said the buyback will start with an initial tranche of around GBP250 million, and is set for completion by March 2020.
WPP said it will retain around 60% of the net proceeds of the $3.1 billion deal to reduce debt to the lower end of its targeted leverage range, and added that the buyback will return around 8% of its share capital to shareholders.
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