As a result of the Transaction, WPP will become the majority shareholder of STW with a shareholding of c.61%.
Key features of the Transaction include (but are not limited to):
- STW will become the primary vehicle for WPP in Australia and New Zealand.
- Transaction accelerates STW’s strategy of delivering 100% of its client s’ customer experience budgets.
- Clients will benefit from the combination of strong local market knowledge and access to international partners with iconic brands, tools, global reach and insights.
- Michael Connaghan and Lukas Aviani will continue to lead the merged business following the completion of the Transaction. Robert Mactier will continue as Independent Chairman.
On January 18, 2016, STW announced that the Australian Competition and Consumer Commission (ACCC) had informed WPP that it does not intend to conduct a public review of the proposed merger of STW Group with WPP Australia and New Zealand. Accordingly, the ACCC condition precedent to the merger has been satisfied.
The merger remains subject to STW shareholder (excluding WPP) approval, and other conditions.
Further information and all announcements relating to the merger can be found here: