Bain Capital and WPP Plc are planning to break up and sell market research company Kantar Group, the Financial Times reported, citing people with knowledge of the matter.

WPP (NYSE:WPP) and Bain Capital plan to split market research company Kantar Group in preparation for a sale, the Financial Times reported Sunday, citing people familiar with the matter. The owners previously weighed an initial public offering for the company,

In 2019, WPP sold a 60% stake in Kantar to Bain Capital, originally valuing Kantar at £3.2bn, with long-term goals to transform the market research company into a brand strategy consultancy.

Market research group Kantar's owners are exploring the sale of its Worldpanel division for 5 billion pounds ($6.5 billion) or more, Sky News reported on Sunday, while in a separate report the Financial Times said Kantar is set to be broken up and sold.