Nielsen Holdings Plc has agreed to the sale of its Global Connect Unit, which provides research data to consumer goods companies and private equity firm Advent International in a $2.7 billion deal, Report says, ciitng Kommersant.
According to a statement, advent will buy Nielsen’s Global Connect unit in partnership with James Peck, the former chief executive officer of the credit reporting company TransUnion.
The sale of its Connect business, which provides research data to consumer goods companies, will help the firm reduce its debt load, it added.
In 2019, Nielsen had announced its intention to split into two publicly traded companies, but with the Advent deal, that plan has come to an end.
“The sale of this business to Advent will deliver substantial value sooner than was anticipated through the planned spin-off and creates certainty for all stakeholders,” Nielsen Chief Executive Officer David Kenny said.
Nielsen is best known for its television ratings that are used to determine advertising rates for TV commercials.
“The proceeds from the sale … will provide greater financial flexibility to execute our growth strategy and expand our role in the global media marketplace,” Kenny added.
Upon completing the deal, Global Connect will become a private company headquartered in Chicago and renamed NielsenIQ in early 2021.