Last week, S&P Global and Moody’s issued downgrades to Kantar Global Holdings LLC. S&P on June 8 downgraded its issuer credit rating to B- after Kantar issued a $900 million debt of senior secured notes to fund the acquisition of U.S.-based market intelligence company Numerator.
S&P also issued a stable outlook and projected recovery in operating performance and profitability. Though, S&P acknowledges that significant restructuring costs will weigh on adjusted EBITDA and free cash flow over leases.
Kantar announced on April 19 that it had reached a definitive agreement with Vista Equity Partners to acquire Numerator.
Kantar’s Acquisition Details
The deal is valued at $1.4 billion, according to Moody’s. It is anticipated to be completed Q3 2021, subject to the…