Aegis sells Synovate division to Ipsos

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British advertising and marketing group Aegis said Wednesday it has agreed to sell its Synovate market research division to French firm Ipsos for £525 million ($860 million, 595 million euros).

"Aegis Group plc today announces that it has agreed the sale of its market research business, Synovate, excluding Aztec, the scan data services business, to Ipsos S.A. for an enterprise value of £525 million," it said in a statement.

Aegis added that it would return £200 million of the sale proceeds to shareholders. The remaining funds "will be used to provide increased financial flexibility to allow for investment in value-enhancing acquisitions", it said.

At the end of June, Aegis had entered exclusive discussions with Ipsos over the sale.

© 2011 AFP

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