Ascential PLC on Friday confirmed press reports that it is in exclusive discussions with Apax Partners in relation to the sale of WGSN.

The business-to-business media and events company said there can be no certainty that any binding transaction will be entered into and that a further announcement will be made in due course as appropriate.

Sky News reported on Thursday that talks were at an advanced stage, with an agreement expected to be reached within a fortnight.

The price that Apax is expected to pay for the business is unclear, although market insiders said it was likely to be substantially below the £700 million mooted earlier this year, the report said.

Along with other bidders for WGSN, which provides consumer trends data to blue-chip clients, Apax had appeared to lose interest in the process several months ago, Sky suggested.

Apax was previously the owner of Emap, which through a series of corporate transactions ultimately became Ascential.

Ascential wants to sell WGSN and list its digital commerce business in the US, leaving its events operation as a standalone company.

On September 22, Ascential said it was looking at ‘strategic actions to maximise shareholder value and position each business within the portfolio for long-term success are well advanced and a market update is expected before the end of the year.’

Shares in Ascential rose 6.6% to 210.80 pence on Friday.

Copyright 2023 Alliance News Ltd. All Rights Reserved.