Huntsworth snaps up European PR firm in £12m deal
LONDON - Huntsworth, the PR group headed by Shandwick founder Lord Chadlington, has expanded its international operations with the acquisition of Mmd for £12m.
Mmd has 18 offices in Central and Eastern Europe, including Austria, the Czech Republic, Estonia and Turkey. It will retain its brand and continue to be run by its current management team.
Alistair McLeish, chairman of Mmd, said: "We are excited to join the Huntsworth Group with whom we believe we have an excellent cultural fit, although we will continue to operate as an independent entity."
Huntsworth is paying £12m initially with further payments due over the next three years if Mmd meet certain criteria.
It already owns some of the UK's best-known PR agencies including Citigate Dewe Rogerson, the Red Consultancy and Harrison Cowley and works across a range of areas including financial PR, public affairs and healthcare. Mmd is known for its financial and corporate PR services and counts Mittal Steel, Google, Visa International and Deutsche Telekom among its clients.
Lord Chadlington, chief executive of Huntsworth, said: "We have known and worked with Mmd for many years and are delighted that they are joining the Huntsworth Group. This deal extends our existing, strong network further into the burgeoning economies of Central and Eastern Europe and provides us with an unrivalled resource."
In November last year, Huntsworth sold off 16 marketing services businesses, including market research operation Incepta Marketing Intelligence, to Media Square in a £63m deal.
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