Apax in exclusive talks to buy WGSN from Ascential - report

Ascential shares shot higher on Friday morning following a report that a major buyout firm is in talks to buy its consumer data business, WGSN.

According to Sky News, Apax Partners has entered exclusive negotiations to buy WGSN from Ascential, which also owns the events organiser behind the Cannes Lions advertising festival.

City sources told Sky on Thursday that the discussions between Apax and Ascential were now 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 £700m mooted earlier this year, Sky said.

At 0810 BST, the shares were up 5.2% at 208.10p.