After his unmeritorious exit from WPP Plc, Sir Martin Sorrell has now staged a comeback with S4 Capital.
S4 Capital is his new venture that will take over Derriston Capital, a listed shell company.
According to WSJ, the deal will be a reverse takeover, in which Derriston will acquire S4 Capital, a “new entity established by Mr. Sorrell to launch his new venture.” Derriston will then change its name to S4 Capital. The company has reportedly already begun preliminary discussions with a number of communication services business for possible acquisition.
“S4 Capital is a company that aims to build a multi-national communication services business focused on growth,” said Sorrell, the Guardian reports. “There are significant opportunities for development in technology, data and content.”
The move comes as a surprise to some, as it follows so closely after Sorrell’s abrupt departure from WPP. Sorrell was investigated for an allegation of misconduct—specifically, financial impropriety regarding the use of company funds. The results of the investigation have not been disclosed.