nullCAMBRIDGE, MA: Rumors continue to fly that Weber Public Relations Worldwide has acquired the largest PR firm in Latin America, the Argentina-based Nueva Communicacion, for a price of as much as dollars 26 million.
CAMBRIDGE, MA: Rumors continue to fly that Weber Public Relations
Worldwide has acquired the largest PR firm in Latin America, the
Argentina-based Nueva Communicacion, for a price of as much as dollars
26 million.
One Argentine news source said the deal has already been completed, but
Nueva head Cesar Mansilla has denied this. He acknowledged, however,
that he is in conversations with several interested parties, although he
said none has made him a high enough offer to make selling
attractive.
Nueva had 1998 revenues of dollars 7.3 million, a 20% increase over
1997, and works with clients such as Citicorp Equity Investment and
Telefonica.
Larry Weber, chairman and CEO of Weber PR Worldwide, has admitted that
he plans on acquiring an Argentine agency by the end of the year
(PRWeek, June 14), but an agency spokesperson denied that a Nueva
acquisition is imminent.
’We are on an acquisition binge, but we have nothing to say about this,’
said Weber vice president Rebecca Seel Oddsund.
Sources say that Nueva has been offered between dollars 15 and dollars
26 million by several agencies looking to buy the firm.
The Exxel Group, an Argentine buyout fund, has also been identified as a
potential suitor, although the company has officially denied that it is
interested.
