French advertising giant Publicis Groupe has agreed to acquire CNC – Communications & Network Consulting, a German communications advisor.
Upon completion of the deal, which is subject to approval by antitrust authorities, CNC will become a subsidiary of MSLGroup, itself wholly-owned by Publicis, with the company’s current management team to remain in place.
In addition, Olivier Fleurot, chief executive of MSL, and Anders Kempe, president of the group’s Europe, Middle East and Africa region, will join the target's supervisory board, with Kempe to take up the chairman’s position.
No financial details of the acquisition have been disclosed.
Commenting on the reasons for the deal, Olivier Fleurot, chief executive of MSLGroup said: “Bringing CNC into MSLGroup makes us one of the top three networks in Germany, and at the same time gives us very valuable additional strategic capabilities in other key markets.
“We see considerable potential in matching and leveraging our collective competencies and relationships.”
Christoph Walther, chief executive of CNC added: “We are very excited to team up with Publicis Groupe’s strategic communications network MSLGroup as it provides us with a truly global footprint.”
With headquarters in Munich, CNC advises on all aspects of strategic communications.
Founded in 2002, it has 100 staff across 14 offices throughout Europe, North and South America, and Asia.
The company has advised on over 100 deals with a combined value of around EUR 175.00 billion.
MSLGroup operates as Publicis’ flagship communications company.
Employing more than 3,500 people throughout 90 offices in 22 countries, the company is one of the top five public relations networks worldwide, according to its website.
It was formed in 2009 when its parent company merged its PR and events agencies into one entity.
Publicis recorded revenue of EUR 5.82 billion in fiscal 2011, up 7.4 per cent on the EUR 5.42 billion generated in 2010.
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