Tag: Acquisition

Manila, Philippines – Holding company Aboitiz Equity Ventures (ABV) and Coca-Cola Europacific Partners (CCEP) have announced that is set to acquire Coca-Cola Beverages Philippines (CCBP) at an estimated enterprise value of US$1.8b. The announcement was made through a recent stock filing at the Philippine Stock Exchange (PSE).

According to the filing, AEV has signed a non-binding term sheet and is in advanced discussions with CCEP regarding a potential joint transaction, which may lead to the acquisition of CCBP from The Coca-Cola Company (TCCC), based on a 60/40 ownership structure between CCEP and AEV.

If completed, the proposed acquisition would build on AEV’s portfolio diversification strategy to enter the branded consumer goods space and on CCEP’s successful expansion into the Asia-Pacific region via its acquisition of Coca-Cola Amatil in 2021. 

Moreover, AEV would be well positioned to support CCBP’s growth ambition given the synergies that can be generated from AEV’s other businesses.

“AEV’s proposed acquisition of CCBP, with CCEP, offers a great opportunity to co-acquire an established, well-run business with attractive profitability and growth prospects,” the filing stated.

However, the filing did not specify when the acquisition will commence, adding that it will be announced in due course.

It should be recalled that The Coca-Cola Company acquired Coca-Cola Beverages Philippines from San Miguel Corporation back in 2007 for US$590m. Through the acquisition back then, The Coca-Cola Company has acquired San Miguel’s 65% shareholding in Coca-Cola Bottlers Philippines.

Chicago, USA – Global adtech company Affinity has announced the acquisition of Opinary, a German consumer engagement technology company. This marks the adtech’s objective of expanding its presence in the European market.

The acquisition adds a media touchpoint to Affinity’s portfolio of privacy-friendly advertising solutions for its existing advertisers and a new monetization and audience enrichment product for its publishers, across US, UK, EU, India and Asia. 

Additionally, the acquisition strengthens Affinity’s market presence in the EU through Opinary’s extensive network of brands and publishers. Opinary’s leadership team of Cornelius Frey, Pia Frey, Lothar Krause and Torben Brodt, and team of 26 in Germany will join Affinity’s team of 400 across India, US, UK, Indonesia, China, Malaysia and Brazil, taking the overall team strength to 430.

Lucas Roh, co-founder and chairman of Affinity, said, “We found the right DNA match with Opinary in terms of product, vision and team. This first acquisition is an exciting milestone for us, underscoring our commitment to driving smart and industry-leading solutions, and delivering exceptional value to our clients across the globe.”

Meanwhile, Cornelius Frey, CEO at Opinary, commented, “This collaboration strengthens our position in Europe and sets the stage for further growth and success internationally. We couldn’t be more excited about the opportunity to expand Opinary globally and enhance our portfolio in Europe through Affinity’s exceptionally smart suite of offerings.”

Singapore – Grab has announced that it will acquire Trans-cab, one of the largest taxi operators in the country. The acquisition will cover Trans-cab’s taxi and car rental business, maintenance workshop, and fuel pump operations. At the moment, Trans-cab’s combined taxi and private-hire-vehicle (PHV) fleet has more than 2,500 vehicles registered.

Grab plans to launch an enhanced Grab Driver application that will be integrated with the Mobile Display Units in Trans-cab taxis. The app will enable Trans-cab taxi drivers to manage their earnings and receive bookings from the Grab platform as well as Trans-cab’s existing call centre, all through a single platform. 

With Grab’s allocation technology, Trans-cab drivers will be assigned bookings in a highly efficient and intelligent way, maximising their productivity so they can earn more. 

Moreover, Trans-cab drivers that join the Grab platform will also receive benefits offered to all Grab driver-partners, including free coverage through Grab’s Personal Accident Insurance whenever they are online on the Grab platform, as well as access to GrabAcademy, where they can pick up skills from a wide range of free courses from data analytics to supply chain management and digital marketing. Driver-partners can also participate in Grab’s loyalty programs for additional rewards.

Teo Kiang Ang, founder and chairman of Trans-cab, said, “Trans-cab is very close to my heart, and our taxi drivers are like family. Together with them, we grew Trans-cab from just a small fleet of 50 taxis two decades ago, to become Singapore’s second largest taxi company at one point. As we consider their future and what is best for them, I feel assured that with Grab, we have found the right partner to hand over Trans-cab to, who will do what is best for the drivers and the business.”

Meanwhile, Yee Wee Tang, managing director at Grab Singapore, commented, “Teo’s story is truly inspiring. He built multiple successful businesses from humble beginnings and we’re incredibly proud to continue part of his legacy. Trans-cab is a very well-run taxi company and there is a lot that we can learn from Mr. Teo and the Trans-cab team. We look forward to welcoming the Trans-cab fleet and team into ours.”

He added, “We see this as a strategic match with win-win-win outcomes for all. By boosting the number of drivers on our platform and helping them to operate more efficiently, we improve how quickly and reliably we find a ride for our passengers, whenever they need one.”

London, United Kingdom – Omnicom Media Group (OMG) has announced its expansion to financial services with the acquisition of Ptarmigan Media, a specialist agency focused on providing media and marketing solutions for financial services brands.

Omnicom’s strategic acquisition of Ptarmigan Media aims to strengthen and enhance its financial services capabilities. By integrating Ptarmigan’s specialized media and marketing solutions designed for financial services brands, Omnicom will benefit from its expertise in the industry. 

Florian Adamski, CEO of Omnicom Media Group, believes this synergy will empower clients to effectively navigate the market, drive growth, and achieve superior outcomes in their financial services endeavours.

On the other hand, Matt Ball, CEO of Ptarmigan Media, assures its client that they will remain client-centric as they join Omnicom Media Group.

Following the acquisition, Ptarmigan Media will continue to operate as an independent brand within Omnicom Media Group and will be led by its current management team. 

Ptarmigan specialises in serving financial services clients in asset management, life and pensions, banking, trading and platforms, wealth management, fintech, and insurance sectors across APAC, EMEA and North America. Ptarmigan is headquartered in London and has several office locations around the world, including Hong Kong, New York, Singapore and Sydney for its over 100 media professionals.

 Australia – Australian cashback network Cashrewards has appointed Jaywing, a marketing and creative agency that is data-driven to handle its acquisition and retention mandate, and intended to improve organic search engine optimization, content production, and link acquisition techniques.

Following an evaluation process, Cashrewards has teamed with Jaywing to pursue its three-year growth goal. The goal is to increase customer acquisition and retention efforts, reinvigorate and optimize Cashrewards’ SEO, and reduce reliance on sponsored acquisition. Jaywing will also be in charge of creating interesting content and improving the performance of the mobile app.

Mitchell Steep, growth lead at Cashrewards said, “We have ambitious plans to maintain our lead in the cashback category and a key element of that is supercharging our SEO and content. Jaywing demonstrated a clear understanding of our objectives and presented solutions that will deliver for the business. Their experience in working with major retail brands including Myer, New Balance and Athena Home Loans and deep UX capabilities were the key reasons why we appointed them. We’re delighted to welcome Jaywing to the Cashrewards agency village, joining Poem who look after PR, brand amplification and social strategy and Zenith Media, who manage our media strategy and planning.”

Meanwhile, Rai Campbell, commercial director at Jaywing, added, “The cashback category is growing rapidly, up 20 percent year on year, but market penetration in Australia remains in single figures compared to other countries such as the US and UK. The potential to attract new members to Cashrewards is significant and with a clear strategic vision and roadmap of success, we look forward to working with the team to deliver on their ambitious plans.”

Singapore – Following its declaration of bankruptcy earlier this year, VICE Media Group is set to be acquired by three investment companies for US$350m. The companies set to acquire the digital media group include Fortress Investment Group, Soros Fund Management and Monroe Capital.

The acquisition has been approved by the U.S. Bankruptcy Court for the Southern District of New York, with the total purchase to be in the form of a credit bid for substantially all of the company’s assets, in addition to the assumption of significant liabilities upon closing. Some of these assets include its main news arm VICE News, entertainment website Refinery29, creative agency VIRTUE, film production house Pulse Films as well as its VICE Studios and VICE Distribution subsidiaries.

Bruce Dixon and Hozefa Lokhandwala, VICE’s Co-Chief Executive Officers, said, “Following a robust court-supervised process, we are pleased to receive Court approval for this transaction, which we believe represents the best path forward for VICE. The relationships we have built with our audience, creators, distribution partners, brand and agency constituents are foundational to VICE, and we look forward to strengthening those relationships as we continue to deliver the award-winning storytelling and journalism that VICE is known for.”

Meanwhile, Brian Stewart, managing director at Fortress Investment Group, commented, “VICE produces incredibly compelling and distinctive content that reaches global audiences every single day. As VICE moves into its next chapter, we look forward to working closely with the Company’s leadership team to execute on its strategy. We have confidence in the management team and believe that the Company is now well-positioned to build on its strong legacy to create significant value for all its stakeholders.”

VICE Media Group applied for Chapter 11 bankruptcy in May this year, causing a wave of global layoffs across its team, which included axing the entire VICE World News‘ APAC newsroom team. It also follows a recent wave of media-related layoffs globally, including from BuzzFeed News, sports news network ESPN, business media company Insider, and mass media group Vox Media.

Germany – British multinational advertising and communications holding company WPP has announced the acquisition of global sonic branding agency amp. Said agency will be now integrated into WPP’s brand and design consultancy Landor & Fitch.

The acquisition adds up to the agency’s expertise in delivering immersive brand identities that transform customer and employee experiences and set brands apart in a competitive marketplace.

amp’s expertise will strengthen WPP’s offer in experiential branding and its ability to create high-quality, differentiated, and ownable sound experiences for clients.

Founded in 2009 by Michele Arnese, amp is based in the US, Europe and Asia, with main office hubs in Germany and the US. Its global team of more than 60 people has created award-winning sonic identities for some of the world’s most influential brands, including Mastercard, Mercedes-Benz, Kraft Heinz, Deloitte, Shell, and General Motors.

Speaking on the acquisition, Arnese said that they are excited to join the WPP family, adding that this industry-first move shows the significance of sound as a must-have brand design and experience component. 

“Integrating more closely with Landor & Fitch, true pioneers in brand design and consulting, will give us the opportunity to scale our award-winning Sonic DNA® design framework and our sonic AI platform Sonic Hub within a broader brand identity context. Our global team of creatives, sonic experts, producers, client leads and researchers will team up with Landor & Fitch and WPP to unleash the power of audio, making brands sound better. We are beyond thrilled to begin this new chapter,” he explained.

Meanwhile, Mark Read, CEO at WPP, said, “With the rise of streaming, podcasting and short-form media, audio has become a critical component of the marketing mix. The acquisition of amp enhances our offer to clients, helping them create immersive experiences that engage consumers on a deeper level and drive their competitive advantage.”

Lastly, Jane Geraghty, global CEO at Landor & Fitch, said, “I’m delighted to welcome amp into the fold. The team is truly best-in-class and has effectively defined the rapidly growing sonic branding space with its work on clients like Mastercard and Mercedes-Benz. This acquisition gives us an unparalleled breadth of capability – graphic, digital, motion, physical, product and experiential – and now sonic. It will also help us accelerate our rapidly growing accessible design practice. I’m enormously excited about what we can achieve together.”

Singapore – Immersive media company Vividthree Holdings has announced that it has entered into a definitive conditional sale and purchase agreement (SPA) with one of the leading PR agencies in Singapore and Malaysia, Elliot Communications 

The group will invest S$775,393 in cash for new and vendor shares, acquiring a 30% stake in Elliot & Co. The SPA is expected to be completed by 30 April this year. 

The SPA also details a call option agreement with Elliot & Co., allowing the group to acquire another 21% stake for at least S$1.98m should Elliot & Co. achieve a net profit of not less than S$0.90mbetween FY2023 and FY2025, bringing the latter’s share to 51%.

With the acquisition, Elliot & Co. will help broaden Vividthree’s service portfolio and bolster value for customers. It will likewise complement Vividthree’s core business of digital content production and is in line with its ambition to expand its footprint in the communications industry. 

Moreover, the partnership will enable Vividthree to leverage Elliot Communications’ network and expertise to enter new markets and capitalise on emerging opportunities in Southeast Asia.

“Our partnership with Elliot & Co. will broaden our portfolio of services and reinforce our presence in the APAC region. With this acquisition, we are well positioned to enhance our reputation and build stronger relationships with stakeholders, which will drive value for our shareholders and enable us to better serve our clients,” said Jonathan Zhang, chief executive officer of Vividthree.

Zhang also added that the decision to partner with Elliot & Co. was based on the latter’s commitment to customer satisfaction, remarkable growth trajectory, and shared values.

Meanwhile, Jeremy Foo, founder of Elliot & Co., shared his excitement over further integrating the firm’s services and offering their clients new ways to thrive in the digital era through the acquisition.

“By combining our expertise in media engagement with Vividthree’s proven leadership in content production, we are now able to offer our customers with a comprehensive suite of content management and communications services, providing us with a competitive edge as we move into 2023 and beyond,” he concluded.

Australia – Independent full-service agency Awaken has acquired global digital marketing agency Agnes Media, targeted at building the agency’s performance media credentials in Australia, the United States, and the United Kingdom markets.

The acquisition, which is set to be finalised by the end of March, includes the transfer of Agnes Media’s client stable, along with three senior staff members and several contractors who have already moved into the Awaken team.

Agnes Media founder Charlotte Ward will continue as Awaken’s marketing director, working with both teams to ensure a seamless transition. Ward will also launch web 3.0 consultancy Around The Block, a separate entity assisting brands with projects in the blockchain and will work on joint client projects with Awaken.

The acquisition is a first for Awaken and is expected to significantly boost the agency’s Australian team, whilst also strengthening its capability to expand client campaigns in the US and UK.

“This is a fantastic opportunity to enhance Awaken’s existing offering. Agnes has a reputation for extraordinary performance media work locally in Australia and across the US and UK,” said Awaken’s founder and CEO, Chris Parker.

He also added that the acquisition will assist Awaken with bolstering its local performance team, extending its campaigns into the US and UK markets for the agency, and upscaling its team for new client opportunities.

Meanwhile, Ward commented, “This acquisition marks an exciting new chapter for both agencies, as we come together to provide even greater value to our clients. There is a strong synergy between both businesses, culturally and from a media strategy and application perspective. I’ve loved growing the Agnes brand and am excited to see what this acquisition will bring to the market.”

Last year, Agnes Media was also appointed by ‘buy now pay later’ solution ZeeFi as its digital marketing agency.

Singapore – To expand its client capabilities across Asia-Pacific’s retail media market, global commerce media company Criteo has announced its acquisition of Australia-based omnichannel media platform Brandcrush. Through this, Brandcrush aims to offer holistic omnichannel monetization solutions for global retailers whilst helping brands and agencies to discover and acquire omnichannel media from major retailers. 

As retail media provides revenue opportunities, retailers usually rely on emails and spreadsheets to manage packaging, availability, and purchasing of their media inventory. With the acquisition of Brandcrush, global retailers will be given the capability to able to manage a more comprehensive media inventory for both e-commerce and physical retail. 

Furthermore, the acquisition will also serve as support for the advertisers to scale their advertising through the whole omnichannel retail media landscape.

Sherry Smith, general manager of global enterprise at Criteo, said that as marketers prefer investing in retail media, offline is emerging as the new frontier; therefore, brands and agencies must be able to effectively plan, execute, and measure their campaigns in an integrated way.

“Brandcrush directly addresses the current market need for consolidated offline and online advertising management, and our combined solutions will make omnichannel retail media strategies a reality, empowering retailers to own their entire retail media ecosystems,” Smith added.

Teresa Aprile, co-founder and CEO at Brandcrush, commented, “By combining forces, we’re bringing together our platform with Criteo’s best-in-class retail media technology to create the most effective monetization platform for retailers.”

Last year, it can be noted that Criteo announced its plans for its technology and analytics centre to expand its operations across APAC.

Criteo connects marketers with media owners to provide engaging shopping experiences from product discovery to purchase.