If someone thought that Sorrell’s step down from WPP was the end…, nothing more far from the character of this businessman to the bones.
At his 73 he is launching a new communications company for the XXI century through the transformation of an investment company initially focused on the health sector.
Some hints before Derriston capital purchase
Sorrell, at his 73’s unveiled last 28th May in an interview on CNBC TV 18 for India “Ther are very significant opportunities”. “Starting with a clean sheet of paper is an advantage. It enables you to choose where you’re going to go and choose where you’re going to go and choose areas of activity without being a prisoner of history”.
He also said at a tech conference in New York this month that he had been “extracted” from WPP” a multinational that he described as a “legacy” company with several “warts and problems”.
Now Sorell is acquiring Derriston Capital and returning not only to the executive action, but to the advertising arena.
A new S4 Capital plc.with Sorrell as Chairman
The conditional acquisition of S4 Capital, a newly incorporated company which has recently completed a £51 million equity fund raise, of which Sir Martin Sorrell contributed £40 million with the balance of the funds coming from institutional and other investors.
Once the acquisition is executed, Martin Sorrell will be as Executive Chairman and Paul Roy and Rupert Faure Walker as non-executive Directors on Completion (subject, in the case of Paul Roy, to his receiving required consents).
Sir Martin Sorell will own 75% of Derriston/S4 Capital once executed a reverse merger operation. The UK Financial Conduct Authority suspended S4 titles trading on 30th Mayat the comnany’s request.
Derriston Capital was initially focused on investments within the global medical technology industry. Sorrell will transform it, as he did once with the shopping cart manufacturing business which was the embryo of WPP, into a company aimed to operate in the communications industry through acquisition of enterprises operating in this sector.
Building an ad multinational focused on tech, data and content
Sir Martin Sorrell, Executive Chairman of S4 Capital, said: “S4 Capital is a company that aims to build a multi-national communication services business focused on growth. There are significant opportunities for development in technology, data and content. I look forward to making this happen.”
Some media assure that one of the acquisitions eyed by Sorell is Kantar.
Meanwhile in WPP the succession process is open and Quarta will not find it easy to find the needed support among shareholders.
WPP designated an internal commission to investigate the supposed missconduct by Sir Martin Sorrell but nothing has been officially communicated to the public on the results of this investigation.
Sir Martin Sorrell will be once again on stage at Cannes Lions 2018 this same Summer.
Image over the headline.- Sir Martin Sorrell at Cannes Lions 2017. © Eastwind
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Sorrell steps down as CEO and Executive Chairman WPP
