Omnicomis acquiringInterpublicin an all-stock deal that will reshape theadvertisingand marketing sectors, creating the worlds largest ad firm.
The transaction, valued at around $13 billion, was announced Monday morning.
Of the four major holding companies, Omnicom and Interpublic are Nos.
New York City’s Times SquareNicolas Economou/NurPhoto via Getty Images
3 and 4, respectively, based on revenue.
Only Publicis and WPP are larger.
The combined company will keep the name Omnicom, trading under the current ticker symbol, OMC.
Annual cost savings of $750 million are expected to result from the combination.
John Wren will remain Chairman and CEO of Omnicom.
Phil Angelastro will remain EVP and CFO of Omnicom.
He said the 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.
