We obtained long-slit spectra of high S/N of the galaxy M32 with the GMOS Spectrograph at the Gemini-North telescope. We analysed the integrated spectra by means of spectral fitting in order to extract the mixture of stellar populations that best represents its composite nature. As our main result, we propose that an ancient and an intermediate-age population co-exist in M32, and that the balance between these two populations change between the nucleus and outside one effective radius (1reff) in the sense that the contribution from the intermediate population is larger at the nuclear region. We retrieve a smaller signal of a young population at all radii whose origin is unclear, and may be a contamination from horizontal branch stars, blue stragglers or a true young population previously unidentified (Monachesi et al., this volume). We compare our metallicity distribution function for a region 1 to 2 arcmin from the centre to the one obtained with photometric data by Grillmair et al. Both distributions are broad, but our spectroscopically derived distribution has a significant component with [Z/Z⊙] ≤ −1, which is not found by Grillmair et al.