WPP is set to pay more than pounds 50m for its latest acquisition,
City PR consultancy Finsbury.
The deal, news of which broke on PRWeek's Worldwire last Thursday, comes
after months of negotiations between WPP CEO Sir Martin Sorrell and
Finsbury bosses Roland Rudd and Rupert Younger.
Initial talks are understood to have started at the beginning of last
year, with rumours of prices ranging from pounds 35m to pounds 50m after
a lengthy earn out.
Both Finsbury and WPP declined to disclose the sum involved in the final
deal, but sources suggest the figure topped previous suggestions.
WPP adds the financial firm to its existing stable of PR brands,
including Burson-Marsteller, Hill & Knowlton, Ogilvy PR Worldwide and
Finsbury - launched just six years ago - has sold to Sorrell in order to
embark on an ambitious expansion plan.
Now with the financial backing of a larger group, the agency will open
an office in New York by the end of this year, serving European and US
clients, followed by a base in Frankfurt.