Mccann To Buy Fitzgerald, Operate Under Its Banner

Officials of McCann-Erickson here confirmed last week that parent Interpublic Group of Cos. in New York had signed a letter of intent to purchase Fitzgerald & Co., also in Atlanta.
Both parties said they expected the due diligence period to be completed quickly, and the acquisition is set to close by year’s end. Dave Fitzgerald declined to disclose details of the sale, other than to say he was receiving Interpublic stock in exchange for the agency he founded almost 14 years ago.
The combined entity, with $150 million in billings, will operate under the Fitzgerald aegis, meaning that upon the completion of the deal, the McCann-Erickson name will disappear from the Atlanta ad landscape.