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Publicis Groupe confirmed it is in discussions with M&C Saatchi about purchasing a “significant” stake in the company’s Walker Media unit. London-based Walker Media works in the U.K. for clients like Boots, Marks & Spencer, The Independent, Fox TV, Viking River Cruises, Taco Bell and Weetabix.
The purchase price has been reported at $56 million.
Publicis said, however, “There can be no certainty that an agreement will be reached and a further announcement will be made in due course.”
According to Campaign, which originally published reports of the deal, M&C Saatchi will retain just under 25 percent in a transaction that values Walker Media at $74 million.
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