By Gareth Vipers
Omnicom Group will acquire Interpublic Group, the companies confirmed, in a deal that will create the world's largest advertising business.
Under the all-stock deal, Omnicom would exchange 0.344 shares for each Interpublic share, with Omnicom shareholders owning 60.6% of the combined company.
A combined entity would have net revenue of more than $20 billion, based on 2023 figures for each company. The deal is expected to generate cost synergies of $750 million.
The Wall Street Journal reported Sunday that the companies were in advanced merger talks.
"This strategic acquisition creates significant value for both sets of shareholders by combining world-class, highly complementary data and technology platforms enabling new offerings to better serve our clients and drive growth," Omnicom Chairman John Wren said in a statement Monday.
Updates to follow as news develops.
Write to Gareth Vipers at gareth.vipers@wsj.com
(END) Dow Jones Newswires
December 09, 2024 07:52 ET (12:52 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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