Shandwick inks deal for dollars 80m Cassidy acquisition

WASHINGTON, DC: Shandwick last week consummated its expected acquisition of Cassidy Companies International, a deal valued at between dollars 70 and dollars 80 million (PRWeek, September 27).

WASHINGTON, DC: Shandwick last week consummated its expected acquisition of Cassidy Companies International, a deal valued at between dollars 70 and dollars 80 million (PRWeek, September 27).

WASHINGTON, DC: Shandwick last week consummated its expected

acquisition of Cassidy Companies International, a deal valued at between

dollars 70 and dollars 80 million (PRWeek, September 27).



Included in the deal are Cassidy holdings Powell Tate, which will be

folded into Shandwick Public Affairs; the government relations agencies

of Cassidy & Associates and Boland & Madigan; polling firm Frederick

Schneiders Research; and Bork & Associates, specialists in litigation

communications.



The acquisition, according to Cassidy founder Gerald Cassidy, creates

the largest public affairs outfit in Washington, DC, with over 300

employees and estimated DC earnings of dollars 60 million in 1999.



’This is all about growth,’ said Cassidy, who based his decision in

large part on the resources of Shandwick’s global network. Shandwick was

motivated by a desire to establish leadership in public affairs on an

international level, according to US CEO Michael Petruzzello.



Underlying the official version of the acquisition story were rumors

that Cassidy had been experiencing a cash crunch, though both parties

dismissed such talk as false.



Cassidy becomes chairman and CEO of Shandwick DC, while the former vice

chair of Cassidy, James Fabiani, will assume the title of vice chairman,

president and COO.



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