Havas to buy US agency in $25m deal
French advertising group Havas Advertising is expected to confirm its purchase of US advertising agency McKinney & Silver this week in a deal believed be worth $20-$25m (£13.84m-£17.31m).
LONDON (Brand Republic) - French advertising group Havas Advertising is expected to confirm its purchase of US advertising agency McKinney & Silver this week in a deal believed be worth $20-$25m (£13.84m-£17.31m).
McKinney & Silver is owned by US internet services group marchFIRST and based in Raleigh, Northern Carolina. Founded 30 years ago, it is expected that McKinney will remain a separate entity under the Havas umbrella. The agency reported revenues last year of $26m (£18m).
The agency includes Audi of America, Bacardi USA and Ben & Jerry’s among its clients.
marchFIRST’s need for cash may mean the agency is sold for less than the expected amount, which was widely held to be a fair market value based on its revenues for last year.
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