Cordiant buys Japanese PR consultancy
HONG KONG - Cordiant, the UK marketing communications group, has acquired 92.6% of Japanese public relations consultancy, International Business Information, for £7.5m.
Based in Tokyo with more than 100 employees, IBI provides investor relations, public relations and corporate communications services. Established in 1972, it has more than 100 clients, including companies operating in the technology, financial, healthcare and consumer sectors.
IBI will become part of Cordiant's Business Communications International and form a key link in a global network alongside Financial Dynamics, Morgen-Walke, Gallagher & Kelly and Bulletin International.
The acquisition of IBI gives BCI a significant presence in each of the key international financial centres of New York, London and Tokyo, and expands BCI's operations to 12 offices.
US-born principals Thomas Zengage and C Tait Ratcliffe will continue to manage IBI as part of BCI going forward.
Michael Bungey, CEO of Cordiant, said, "The acquisition of IBI makes BCI the market leader in terms of global capability. BCI is able to offer Japanese and other multinational clients a seamless, integrated communications package in each of the key financial markets. As markets, companies and campaigns continue to globalise, BCI is ideally placed to exploit the growth opportunities in this market."
Cordiant shares fell slightly last night by less than 1% and remain unchanged this morning at 178.5p.
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