The Australian communications firm has bought 100 per cent of the North by Northwest Group, the holding company of Hotwire. It has also bought up its full-service subsidiary Skywrite Communications.
Photon CEO Tim Hughes said the acquisition represented his company’s international strategy of buying up companies in ‘lower risk, higher margin’ sectors including PR. The purchase price comprises an initial payment in cash of A$22.4 million (approx £10m) plus deferred payments tied to performance targets.
Photon Group is a multinational comms conglomerate on the Australian stock exchange. The acquisition of Hotwire is expected to increase its earnings per share.
Photon’s recent purchases include well-known consumer agency Frank PR and corporate comms and branding outfit Corporate Edge.
At last month’s PRWeek Awards, Hotwire won the Best Technology Campaign and International Consultancy of the Year Awards. The agency was founded in 2000 by current MD Kristin Syltevik and FD Antony Wilson.
