Mergers and Acquistions News
Categories: Media & Information Services, Software
June 28th 2010, 16:20PM
British digital media communications group Creston has agreed to sell its advertising and full-service communications agency Delaney Lund Knox Warren (DLKW), it has been announced.
Interpublic Group (IPG), a world-leading advertising and marketing services company, is to pay around $40 million (£26.5 million) for DLKW, the company said in a statement.
DLKW will be combined with Lowe London, part of IPG, which will be re-named DLKW Lowe and serve as one of the Lowe Worldwide network's key "hub market" agencies.
The current senior executive team at DLKW is to make a minority investment in the new brand as part of the deal.
Michael Roth, Interpublic's chairman and chief executive officer commented: "This move will also complement the steps we've taken over the past 24 months to create strong and vital Lowe hub agencies in Brazil, India and the United States.
"The enthusiasm of the DLKW team for Lowe as an international partner was such that they have chosen to join us as investors."
Creston, which is offloading the firm to pay off debts, is a specialist in providing clients with an understanding of the socialisation of digital media.
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