Montemayor Agrees to Sell

True North Communications has agreed to acquireHispanic advertising agency Montemayor y Asociados.

Neither the agency nor the acquiring parent organization would comment on the deal except to confirm the signing of a letter of intent late last year.

An industry source, however, said that Montemayor will become part of True North’s New Americas Strategies Group. The agency will round out the multicultural offerings of group members Don Coleman Advertising (African-American) in Southfield, Mich., and Imada Wong Communications Group (Asian-American) in Los Angeles.

The addition of Montemayor creates two Hispanic resources within the True North network.