High Court approves £374m sale of Chime Communications to Providence

Good Relations owner Chime Communications has passed another hurdle in its £374m sale to US private equity firm Providence, with the High Court of Justice of England and Wales sanctioning the acquisition.

Seb Coe: Chair of Chime's sports and entertainment marketing group CSM
Seb Coe: Chair of Chime's sports and entertainment marketing group CSM

The sale is now subject to approval from HM Revenue and Customs, with completion expected some time between 9 and 16 October, according to a statement issued today by Chime.

Chime’s independent shareholders voted almost unanimously in favour of the sale last month.

In August, Chime reached an agreement to sell 100 per cent of its shares for 365p per share, along with an interim dividend for the current year of 2.53 pence per share. This represented approximately a third more than the closing price of the shares of 275 pence on 29 July.

Chime’s shares will be held by Bidco, "a newly incorporated entity indirectly controlled by funds managed by Providence". WPP is to roll over its current stake of about 20 per cent in Chime under the new ownership.

Chime's PR portfolio includes agencies such as Good Relations, Team Spirit and Harvard. It also owns sports and entertainment marketing group CSM, chaired by former athlete Lord Sebastian Coe.

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