F&B was founded in 1986, has around 300 staff in its Gothenburg office and boasts a client roster including Volvo Cars, Ikea and The Co-operative.
MDC, which also owns Crispin Porter & Bogusky and 72andSunny, will acquire the independent agency subject to regulatory approval.
F&B is expected to form a partnership with CP&B Scandinavia, although both agencies will remain as separate brands.
Last week F&B won the Grand Prix at the Cannes PR Lions for a health-conscious campaign (above) for the Coop in Sweden. 'The Organic Effect' focuses on the benefits to a family’s health when they switch to an organic diet, but was criticised by some as unscientific both before and after its win.
It is the first acquisition by the American company since Scott Kauffman took over as chief executive from Miles Nadal last year. Nadal stepped down following an investigation by the Securities and Exchange Commission into his expenses.
This story originally appeared on PRWeek sister title Campaign