IPG pays full price for Acxiom Marketing Solutions
The $2.3bn all-cash deal seems expensive given Acxiom's historical growth profile but will be immediately accretive. Combining Acxiom's industry-leading strength in data with IPG's creative seems sensible but execution will be absolutely key and visibility into the magnitude of revenue synergies is tough. Acxiom Marketing Solutions will comprise ~8% and ~12% of pro forma revenue and EBITDA respectively. With this move, IPG appears to be indicating it is not up for sale which may disappoint some holders. W e remain Neutral.Interpublic Group of Companies is an advertising and marketing services company. The company's segment include: Integrated Agency Networks (IAN) and Constituency Management Group (CMG). Within IAN, the company's agencies provide an array of communications and marketing services, each providing a range of solutions for its clients. In addition, the company's domestic integrated agencies provide a range of advertising, marketing communications services and/or marketing services and partner with its operating divisions as needed. CMG provides clients with services, including public relations, meeting and event production, sports and entertainment marketing, corporate and brand identity, and marketing consulting.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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