Tag: Merger

Jakarta, Indonesia – Following the merger of three telcos–PT XL Axiata Tbk, PT Smartfren Telecom Tbk, and PT Smart Telecom, Indonesia officially welcomes the establishment of PT XLSMART Telecom Sejahtera Tbk, marketing a new chapter in the country’s telco industry. In a press release, XLSmart stated that the company is poised to redefine connectivity, drive innovation, and elevate customer experience across the archipelago.

With a combined market share of 25%, projected proforma revenue of IDR 45.8 trillion, and a customer base exceeding 94.5 million, XLSMART is positioning itself as a key player in the industry.

Company leadership has also emphasised a focus on customer-centric operations. Rajeev Sethi, president director and CEO of XLSMART, stated that the company aims to enhance responsiveness and service quality across both urban and rural regions of Indonesia.

“The establishment of XLSMART is a defining step toward realizing our purpose: to connect every Indonesian for a better life. We bring together the complementary strengths of XL Axiata and Smartfren under a unified leadership and shared vision—setting the pace for Indonesia’s digital progress,” Rajeev said.

He added, “We will continue to operate our beloved brands to serve our mobile cellular and home broadband customers through XL, AXIS, and Smartfren as well as SME’s and corporate customers with XLSMART for Business, while enhancing service quality, expanding coverage, and introducing smarter, more integrated digital experiences. With over 94,5 million customers1, each connection matters, and we are committed to delivering services that are reliable, inclusive, and transformative.”

Alongside its strategic vision, XLSMART has introduced a new brand identity. The centerpiece of the rebranding is the “Infinity World” logogram, which the company says symbolises unlimited connectivity and opportunities. The brand’s tagline, “Bersama, Melaju Tanpa Batas” (“Go Beyond, Together”), reflects the organization’s goals of collaboration and growth following the merger.

The company has also launched an updated digital presence, allowing customers to access information about its products and services.

“Our new identity reflects not just who we are, but what we aim to build—an Indonesia that thrives in the digital age. The Infinity World logogram captures our belief in progress without limits. Together with our customers, employees, and partners, we’re setting the pace for a smarter, more connected nation,” Rajeev concluded.

Auckland, New Zealand – Two of New Zealand’s independent agencies, Thompson Spencer and Reason, have announced a landmark merger forming one of the largest independent agency groups in the country. 

Both agencies have operated for 15 years and established themselves as category leaders. The newly merged business will be known as Thompson Spencer Group, with both the Reason and Thompson Spencer businesses operating in market under the leadership of Melanie Spencer and Tim Pointer as co-CEOs. 

The merger expands Thompson Spencer Groups’ capabilities, combining digitally-led and ATL creative and media expertise with performance marketing to offer a fully integrated approach focused on delivering measurable results and a full-funnel service for brands looking to the future 

Thompson Spencer is a full-funnel creative and media agency, founded by Wendy Thompson and Melanie Spencer. The agency has an enviable line-up of clients including Bupa, Wattyl (Aus/NZ), Asahi, Honda, London City Airport, Mitre 10, Musashi, Seagrass Hospitality (Global) and Auckland Transport and completed four acquisitions in the last four years including The Social Club (influencer marketing agency); Flying Tiger (Chinese Social Media Marketing Agency), Magnesium (Accredited Media and Content Production Agency) and People of Influence (Talent Agency). 

Meanwhile, Reason, co-founded by Tim Pointer and Matt Rowe, has established itself as a leading performance agency renowned for propelling brands to exceptional results. Reason’s acquisition of Absolute Analytics in 2021 significantly enhanced the agency’s data and insight capabilities, further strengthening their ability to deliver performance-led strategies. Reason boasts an impressive roster of clients, including Chubb Life Insurance, Briscoe’s & Rebel Sport, Woolworths, Tourism Holdings (THL), Caci Clinic, Hirepool, CANZ, DoorDash NZ and Australia and Timely, demonstrating their broad expertise and proven track record across diverse sectors.

Melanie Spencer, co-founder and co-CEO of Thompson Spencer, said, “Most mergers happen when agencies need to consolidate to survive – this is the exact opposite with both businesses coming off the back of record-breaking years of growth despite the challenging economic environment.”

He added, “Both Thompson Spencer and Reason are at the top of their game. We’re growing, winning new business and making waves in our industry. The timing was right – this is about supercharging that momentum by bringing together two high-performing teams that share a bold vision for the future.”

Meanwhile, Wendy Thompson, co-founder of Thompson Spencer, commented, “This is a coming together of strengths. Clients no longer want their creative and media strategies sitting in silos. By merging with Reason, we’re creating an integrated powerhouse that blends world-class creativity with deep performance marketing expertise. We’re setting a new standard for what a modern, independent agency can deliver.”

Japan – Months after announcing a possible major merger deal, Nissan is reportedly halting its $60b merger talks with Honda, a move that would have created the world’s third-largest automaker.

According to a Reuters report, multiple anonymous sources revealed that merger talks between the two Japanese automakers have become increasingly complicated due to growing differences. 

Earlier, Reuters also reported that Nissan was considering calling off negotiations after Honda proposed making Nissan a subsidiary. One source stated that Nissan baulked at the idea, as it deviated from the original plan of a merger between equals.

Additionally, another source revealed that Honda, with a larger market value than Nissan, has grown increasingly concerned about its smaller rival’s progress on its turnaround plan.

While the future of the merger remains uncertain, two anonymous sources suggested that the possibility of reviving talks has not been ruled out, Reuters further revealed.

Notably, Nissan shares dropped over 4% on the Tokyo Stock Exchange, prompting a temporary trading halt after a Nikkei report claimed the automaker would exit merger talks. In contrast, Honda shares jumped more than 8%, reflecting apparent investor relief.

According to Reuters, both companies stated that the Nikkei report was not based on official information and reiterated their goal of finalising a decision by mid-February.

Nissan and Honda initially aimed to finalise their integration plans by the end of January but later postponed the decision to mid-February.

Meanwhile, Reuters reported that last month, sources indicated Mitsubishi Motors—Nissan’s smaller alliance partner—was reconsidering its involvement in the merger and might no longer join.

Singapore – Outbrain Inc. has officially completed its acquisition of Teads, merging their branding and performance solutions to form an omnichannel outcomes platform for the open internet.

With the acquisition complete, the new omnichannel outcomes platform for the open internet will deliver results across all screens—CTV, mobile, and web—from branding to performance, operating under the name Teads.

The new Teads will offer one of the largest optimised supply paths on the open internet, focusing on connecting exclusive media environments with data-driven creative. The combined company will use Outbrain’s predictive technology and AI to help marketers achieve measurable results throughout the marketing funnel.

The merger creates one of the largest open internet companies, with a combined advertising spend of $1.7b (FY24) and a reach of 2.2b consumers. Headquartered in New York, the new Teads becomes one of the largest advertising platforms globally, partnering with over 10,000 publishers and 20,000 advertisers, and employing nearly 1,800 people across 36 countries.

Outbrain CEO David Kostman will lead the combined company, while former Teads CEOs Jeremy Arditi and Bertrand Quesada will take on the roles of co-president, chief business officer of the Americas, and chief business officer of International, respectively.

Speaking on the acquisition, CEO Kostman said, “I am extremely excited about this new chapter in our journey. This transformative merger creates a company that directly addresses a large gap in the advertising industry: a scaled end-to-end platform that can drive outcomes, from branding to consideration to purchase, across screens.” 

“Together, we are creating an extraordinary new company, combining the best of both organisations’ deep expertise in omnichannel video branding solutions and performance advertising. The new Teads’ mission is to drive lasting value with an offering that invites marketers to expect better outcomes, media owners to expect sustainable value, and consumers to expect elevated experiences. I want to thank the teams of both Outbrain and Teads, who have pioneered major advertising categories and have built leading global companies over more than a decade. It is their innovation and commitment that have brought us to this moment and will propel us to new heights,” added Kostman.

Co-president & chief business officer Arditi also said, “We’re committed to creating a solution that will harness the untapped opportunity of the open internet and allow all of its constituents to thrive. We believe that by prioritising beautiful creative experiences, trust and transparency in media, and delivery of meaningful outcomes, we can create a stronger ecosystem that provides value for all.”

Outbrain, Altice, and Teads have revised their August 1, 2024, share purchase agreement. Outbrain will pay approximately $900m, consisting of $625m in cash and 43.75m shares of Outbrain common stock. The revised deal eliminates deferred cash payments and convertible preferred equity, reducing the need for debt financing and simplifying the structure.

Additionally, Outbrain will finance the transaction with existing cash and $625m in committed debt financing from Goldman Sachs, Jefferies Finance, and Mizuho Bank, subject to standard conditions. Altice will receive 43.75m shares and nominate two directors to Outbrain’s board, subject to a stockholder agreement with voting and share disposition restrictions.

“The merger between Teads and Outbrain makes a lot of sense strategically. We look forward to exploring the new possibilities this provides us with to reach our audiences in a new and interesting way, to deliver full funnel solutions, and to better business outcomes,” said Sital Banerjee, global head of integrated media, performance marketing, and BMI management at Lipton Teas and Infusions.

Paris, France – Kicking off 2025 on a bold note, Publicis Groupe has unveiled its plans to merge two of its iconic networks, Leo Burnett and Publicis Worldwide, to launch a new creative powerhouse, aptly named ‘Leo’.

Rooted in Publicis Groupe’s ‘Power of One’ philosophy, Leo is crafted to deliver modern solutions by bringing together Leo Burnett, known for its ‘humankind’ approach, and Publicis Worldwide, a network synonymous with transformation, innovation, and leading change.

Leo, an expanded and redesigned version of the Leo Burnett logo, combines the strength of one of advertising’s most iconic names with the roar of a lion, creating a powerful global creative force of more than 15,000 talents from Leo Burnett and Publicis Worldwide. Together, they boast 8 agencies of the year across 90 countries and over 400 major creative awards.

Carla Serrano, global CSO at Publicis Groupe, shared, “Through Leo we are doubling down on our strategy of strong creative brands, connected to the industry’s only data, media, and tech ecosystem. With Publicis as the global group brand we all rally to, we are now accelerating on the Power of One, turning two networks into one constellation.”

With this union, the Leo constellation becomes part of Publicis Groupe’s creative roster, joining renowned names like Saatchi & Saatchi, LePub, and BBH, as well as creative hubs such as Fallon, The Community, and Le Truc—the only creative collective operating at the holding-company level.

Marco Venturelli and Agathe Bousquet will lead the newly created ‘Leo’ as co-presidents, with Gareth Goodall joining as chief strategy officer. The trio will lead Leo’s global creative community and culture, driving activation at the country level through the Power of One. This approach ensures that Leo’s creative teams have direct access to Publicis Groupe’s data, technology, and media assets.

Meanwhile, Andrew Bruce, CEO of Publicis Groupe Canada, will also take on the additional role of chairman for Leo North America.

“At Publicis, we have demonstrated time and again the power of the Power of One. Leo’s global spirit will live and breathe at the local level, with outstanding creative and strategic talent turbocharged by best-in-class data and technology through our country model to create truly bespoke models for its clients,” Bousquet, Leo co-president and president of Publicis France, commented. 

Venturelli, Leo co-president and chief creative officer, added, “We’ve never had so many tools to better understand people and connect with them. Nevertheless, creativity still is, and forever will be, a messy human process. Leo will be a true global community of creative and strategic talents, connected together for a more human way of creating at scale.”

Arthur Sadoun, CEO of Publicis Groupe, also shared, “I have had the privilege of leading both Publicis Worldwide and Leo Burnett. Since then, other iconic names have disappeared, but I have never believed that creative efficiency should mean fewer brands and fewer operations.” 

He continued, “It is about big ideas from creative minds that are nurtured by strong agency culture to have an impact on our clients’ businesses. In today’s world it is also about more collaboration and more access to capabilities. That’s exactly what Leo stands for. By unifying the spirit and talent of these global creative communities, Leo will be bigger, stronger, and on more doors than ever.” 

New York, USA – Getty Images and Shutterstock have announced that they entered into a definitive merger agreement to combine in a merger of equals transaction, creating a premier visual content company. The combined company, which would have an enterprise value of approximately $3.7b, will be named Getty Images Holdings, Inc.

The merger of Getty Images and Shutterstock will result in a more comprehensive and diverse content library, delivering greater value to customers, enhancing opportunities for contributors, and strengthening their dedication to inclusive and representative content. 

Additionally, the combined company’s improved financial position is anticipated to boost its ability to invest in new products and drive innovation, meeting the demands of a rapidly changing and highly competitive market.

Upon completion of the merger, Craig Peters, CEO of Getty Images, will assume the role of CEO for the unified company. The new entity’s Board of Directors will consist of eleven members: Craig Peters, six representatives appointed by Getty Images, and four representatives from Shutterstock, including Paul Hennessy, Shutterstock’s CEO. Mark Getty, the current chairman of Getty Images, will serve as the chairman of the board for the combined organisation.

The merger aims to drive cutting-edge innovation by enabling greater investment in advanced content creation, enhanced event coverage, and customer-focused technologies such as improved search capabilities, 3D imagery, and generative AI. By combining complementary portfolios, the unified company will offer a wider range of visual content products, including still imagery, video, music, 3D assets, and more. 

For content creators, this merger presents significantly expanded opportunities to connect with customers worldwide. Financially, the strengthened balance sheet and increased cash flow generation will allow the combined company to accelerate debt repayment, lower borrowing costs, and pursue new avenues for value creation for customers and stockholders. 

Additionally, the merger is expected to yield substantial cost synergies, with projected savings of $150m to $200m annually achieved within three years post-close, with the majority realised in the first 12 to 24 months.

Craig Peters, CEO at Getty Images, said, “Today’s announcement is exciting and transformational for our companies, unlocking multiple opportunities to strengthen our financial foundation and invest in the future—including enhancing our content offerings, expanding event coverage, and delivering new technologies to better serve our customers.”

He added, “With the rapid rise in demand for compelling visual content across industries, there has never been a better time for our two businesses to come together. By combining our complementary strengths, we can better address customer opportunities while delivering exceptional value to our partners, contributors, and stockholders.”

Meanwhile, Paul Hennessy, CEO at Shutterstock, commented, “We are excited by the opportunities we see to expand our creative content library and enhance our product offering to meet diverse customer needs.”

He added, “We expect the merger to produce value for the customers and stockholders of both companies by capitalising on attractive growth opportunities to drive combined revenues, accelerating product innovation, realising significant cost synergies and improving cash flow. We look forward to working closely with the Getty Images management team to complete the transaction and drive the next chapter of growth.”

Taiwan – The country’s Fair Trade Commission (FTC) has announced its decision to block the proposed merger between Uber Eats and foodpanda, citing concerns that it would significantly harm competition. 

The government agency had argued that since foodpanda is Uber Eats’ primary competitor, the merger would give Uber Eats unchecked market dominance, potentially leading to higher costs for both consumers and restaurants.

The FTC also emphasised that Uber Eats relies heavily on individual customers and small to medium-sized restaurants for its business. If the merger went through, these groups would have limited alternatives outside the platform, leaving them vulnerable to the company’s increased influence in the food delivery sector.

Taiwan’s Fair Trade Commission (FTC) vice chairman Chen Chi-ming, said, “Post-merger, UberEats would be less constrained by competition, giving it more incentive to raise prices for consumers and even increase commissions for restaurant operators.”

He added, “The disadvantages to market competition from this merger far outweigh its economic benefits,” noting that the merged companies’ market share would exceed 90%.

While the merger promised some advantages, such as improved operational efficiency and cost benefits tied to denser networks, the FTC concluded that these potential gains were far outweighed by the harmful impacts on market competition.

Uber Eats had proposed measures to address the regulator’s concerns, but the FTC dismissed these as short-term fixes that would fail to sustain the existing level of competition in the industry.

It should be recalled that Uber Technologies and Delivery Hero SE have reached an agreement for Uber to acquire Delivery Hero’s foodpanda delivery business in Taiwan for US$950m in cash back in May this year. Delivery Hero SE had also previously confirmed the sale of select foodpanda businesses, albeit the only confirmation they had was for their SEA businesses.

Japan – Nissan Motor Co., Ltd. (Nissan) and Honda Motor Co., Ltd. (Honda) have officially signed a memorandum of understanding (MOU) to initiate discussions on a potential business integration, which could lead to the creation of a joint holding company to unite their operations.

In an official press release, Nissan and Honda announced plans to form a joint holding company through a share transfer, making both automakers wholly owned subsidiaries of the new entity. The companies further emphasised their commitment to maintaining and equally developing the distinct brands under Honda and Nissan.

The signed MOU aims to enhance global competitiveness, enabling both companies to deliver more innovative and appealing products and services to customers worldwide.

If realized, the business integration would allow the automotive giants to combine resources, enhance synergies, adapt to market shifts, and boost long-term corporate value. By uniting their automotive, motorcycle, and power product businesses, they aim to strengthen Japan’s industrial base and deliver more innovative, appealing products worldwide.

Speaking on the announcement, Makoto Uchida, director, president, CEO, and representative executive officer of Nissan, said, “Today marks a pivotal moment as we begin discussions on business integration that has the potential to shape our future. If realized, I believe that by uniting the strengths of both companies, we can deliver unparalleled value to customers worldwide who appreciate our respective brands. Together, we can create a unique way for them to enjoy cars that neither company could achieve alone.”

Nissan and Honda said they will form an integration preparatory committee to ensure a smooth transition and identify specific synergies based on due diligence. By leveraging these synergies—such as platform standardization, R&D integration, manufacturing optimization, and supply chain efficiency—the companies aim to become a world-class mobility leader, targeting sales revenue exceeding ¥30 trillion and operating profit over ¥3 trillion. Additional benefits include enhanced sales finance capabilities, operational efficiency, and a strong talent foundation for electrification and intelligence.

Toshihiro Mibe, director and representative executive officer of Honda, said, “Creation of new mobility value by bringing together the resources including knowledge, talents, and technologies that Honda and Nissan have been developing over the long years is essential to overcome challenging environmental shifts that the auto industry is facing.”

“Honda and Nissan are two companies with distinctive strengths. We are still at the stage of starting our review, and we have not decided on a business integration yet, but in order to find a direction for the possibility of business integration by the end of January 2025, we strive to be the one and only leading company that creates new mobility value through chemical reaction that can only be driven through synthesis of the two teams,” Mibe added. 

The share transfer ratio will be finalized when the definitive agreement for the business integration is signed, based on due diligence, third-party valuations, and recent average share prices. Upon the share transfer’s effective date, Honda will appoint a majority of both internal and external directors for the joint holding company, including the president and representative director or executive officer.

It is worth noting that Nissan and Honda first signed an MOU in March to establish a strategic partnership focused on vehicle intelligence and electrification, aiming to accelerate progress toward carbon neutrality and zero traffic fatalities. Since then, they have explored collaboration across various fields.

In August, the companies signed another MOU to strengthen their partnership, agreeing to conduct joint research on next-generation software-defined vehicle (SDV) platforms, with a focus on advancing intelligence and electrification technologies.

Amid these discussions, the automotive industry has faced rapid technological advancements and shifting market dynamics. On December 18, reports surfaced from Nikkei Asia that the two companies were entering merger talks to better compete with Tesla and emerging Chinese EV makers, underscoring the urgency of their collaboration.

Indonesia – PT XL Axiata Tbk (XL Axiata), PT Smartfren Telecom Tbk (Smartfren), and PT Smart Telcom (SmartTel) have signed a definitive agreement for a landmark merger valued at IDR104 trillion (US$6.5b) in pre-synergy enterprise terms. 

The merger will establish PT XLSmart Telecom Sejahtera Tbk (XLSmart), a telecommunications powerhouse uniting the strengths of Indonesia’s leading operators. With enhanced scale, resources, and expertise, XLSmart aims to drive innovation, elevate service quality, expand digital infrastructure, and strengthen connectivity nationwide while fostering a more competitive market.

Under the merger, XL Axiata will serve as the surviving entity, with Smartfren and SmartTel merging into XLSmart. Axiata Group Berhad (Axiata) and Sinar Mas will jointly hold 34.8% stakes in XLSmart, sharing equal influence over its strategic direction and decision-making.

Vivek Sood, group chief executive officer of Axiata Group, commented, “We firmly believe that industry consolidation paves the way for a more connected Indonesia and ASEAN, bridging the digital divide to foster a thriving and inclusive future where communities and businesses flourish. This merger is an important step in laying the foundation for a robust digital economy. It will allow us to cater to the unique infrastructure service coverage, product offering, and quality of network experience. Synergies derived from mergers will improve shareholder value and will be partly reinvested in future growth opportunities.”

Franky Oesman Widjaja, chairman of Sinar Mas Telecommunications and Technology, also said, “The merger is a key part of our strategic effort to deliver significant added value to all stakeholders through excellent services, digital connectivity, and innovation, including supporting the Indonesian Government’s efforts in driving digital transformation. This aligns with the philosophy of unity for a greater purpose; as the saying goes, ‘If you want to go fast, you go alone; if we want to go far, we go together.’ At Sinar Mas, we often say, ‘Together, we go far, fast, and beyond.’ This brings added value to customers and employees while supporting the Indonesian Government’s efforts to encourage digitalisation.”

Axiata highlights that the merger will accelerate 5G, AI, and cloud adoption, enhance network quality, and promote sustainable competition, supporting Indonesia’s vision for a digitally inclusive future. It also aligns with government goals for efficient spectrum use and a healthier market structure.

The official statement from the company also noted that the merger will create diverse roles and growth opportunities for employees, fostering collaboration, prioritising career development, and ensuring a supportive, compliant work environment.

Meanwhile, customers will enjoy enhanced connectivity, faster speeds, and broader coverage. The merger will deliver competitive pricing, advanced digital services, and an expanded product portfolio tailored to consumers, MSMEs, and enterprises.

Dian Siswarini, president director & CEO of XL Axiata, shared, “By combining our resources, expertise, and market positions, we will enhance our competitive edge, drive innovation, and unlock new growth opportunities to build a better future together. This merger not only represents a commitment to strengthening Indonesia’s digital economy but also highlights our dedication to bridging the digital divide, expanding access to reliable telecommunications, and fostering a digitally inclusive society. With a shared vision and collective effort, we are poised to deliver value to shareholders, support the nation’s technological aspirations, and set new benchmarks in the telecommunications industry.”

Merza Fachys, president and director of Smartfren, added, “This merger is a carefully considered strategic move to create significant value for all our stakeholders, reflecting our concerted commitment to delivering superior services, enhancing digital connectivity, and driving innovation in the industry. Bringing these businesses together will build on our joint, long-term commitment to Indonesia, giving us the strength and scale to contribute meaningfully to the country’s digital ambitions. There is a clear opportunity for all of us to play a bigger role in this important journey for our country; we believe that by creating XLSmart, we can build on our joint, long-term commitment to customers and communities across Indonesia.”

Currently, the boards of XL Axiata, Smartfren, and SmartTel have approved the merger, pending regulatory and shareholder approvals, with completion expected in the first half of 2025. The parties are committed to a smooth transition, keeping employees, customers, and partners informed throughout the process.

CIMB and J.P. Morgan serves as financial advisor to select Sinar Mas entities, while Deutsche Bank and Maybank advise Axiata. Citibank acts as the financial advisor for XL Axiata.

Singapore – Omnicom Group has confirmed that its board of directors have unanimously approved a definitive agreement pursuant to which Omnicom will acquire Interpublic Group (IPG in a stock-for-stock transaction. This officially confirms earlier media reports of the advertising giant acquiring another of its rivals.

The combined company will bring together the industry’s deepest bench of marketing talent, and the broadest and most innovative services and products, driven by the most advanced sales and marketing platform. Together, the companies will expand their capacity to create comprehensive full-funnel solutions that deliver better outcomes for the world’s most sophisticated clients.

Omnicom reports that new company will have over 100,000 expert practitioners. The company will deliver end-to-end services across media, precision marketing, CRM, data, digital commerce, advertising, healthcare, public relations and branding.

Moreover, Interpublic shareholders will receive 0.344 Omnicom shares for each share of Interpublic common stock they own. Following the close of the transaction, Omnicom shareholders will own 60.6% of the combined company and Interpublic shareholders will own 39.4%, on a fully diluted basis. The transaction is expected to generate annual cost synergies of $750m.

In terms of the leadership, John Wren will remain chairman & CEO of Omnicom while Phil Angelastro will remain EVP & CFO of Omnicom. Meanwhile, Philippe Krakowsky and Daryl Simm will serve as co-presidents and COOs of Omnicom, with Krakowsky also being co-chair of the Integration Committee post-merger. 

Three current members of the Interpublic Board of Directors, including Philippe Krakowsky, will be welcomed to the Omnicom Board of Directors.

John Wren, chairman & CEO of Omnicom, said, “This strategic acquisition creates significant value for both sets of shareholders by combining world-class, highly complementary data and technology platforms enabling new offerings to better serve our clients and drive growth.”

He added, “Through this combination, we are poised to accelerate innovation and harness the significant opportunities created by new technologies in this era of exponential change. Now is the perfect time to bring together our technologies, capabilities, talent and geographic footprints to bring clients superior, data-driven outcomes. We are excited to welcome Philippe and the entire Interpublic team to the Omnicom family.”

Meanwhile, Philippe Krakowsky, CEO at Interpublic, commented, “This combination represents a tremendous strategic opportunity for our stakeholders, amplifying our investments in platform capabilities and talent as part of a more expansive network. Our two companies have highly complementary offerings, geographic presence and cultures. We also share a foundational belief in the power of ideas, enabled by technology and data. By joining Omnicom, we are creating a uniquely comprehensive portfolio of services that will make us the most powerful marketing and sales partner in a world that’s changing at speed. We look forward to working with John and the entire Omnicom team.”