Naked sells to Photon for £16.5m
LONDON - Naked Communications has been acquired by the Australian group Photon in a deal that includes an initial upfront cash payment of £16.5 million.
Photon, a publicly-listed marketing services group, has acquired 100 per cent of the business. The deal will involve a four-year earn out package for the agency's founders with future, as yet undisclosed, payments dependent on Naked hitting growth targets between 2008 and 2011.
The deal was finalised in Australia by Naked's group chief executive Nigel Long, founder Jon Wilkins and finance director Barry Dudley.
Naked was founded in 2000 by Will Collin, John Harlow and Jon Wilkins. Its other shareholders include the advertising agency Mother.
Will the Photon deal compromise the Naked culture and its claims to be media neutral?
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This article was first published on Campaign
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