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WPP agrees sale of Asatsu-DK stake to Bain Capital

U.K.-based advertising giant WPP Plc agreed to tender all of its 25% stake, or 10,331,100 common shares, in its Japanese partner Asatsu-DK Inc. to private equity firm Bain Capital, Asatsu-DK said in a Nov.21 statement.

Asatsu-DK also said that WPP agreed to withdraw its arbitration petition, as well as the petition it filed with the Tokyo District Court seeking an order for provisional disposition against Asatsu-DK.

Under the deal, all existing agreements between Asatsu-DK and WPP will be terminated upon completion of the tender offer.

Bain Capital and WPP will also discuss a potential 25% investment by the latter in a limited partnership or other investment vehicle after Asatsu-DK becomes a wholly-owned subsidiary of Bain Capital.