U.K. holding company Aegis has confirmed it will acquire Australia's largest independent media buying consortium, Mitchell Communication Group, in a deal worth about $360 million.
Harold Mitchell, executive chairman of the eponymous firm, will take over all operations of Aegis' business in that region as chairman.
If the transaction is approved, Jerry Buhlmann, Aegis global CEO (pictured), said it would transform Aegis Media's operation in the area. "This acquisition is a further step in transforming Aegis' operations in the Asia Pacific region," he said. "Our businesses are a strong cultural fit."
Nick Waters, CEO, Aegis Media APAC, said the combination of Mitchell and Aegis would enable the company to better service existing clients and attract new ones. "Aegis and Mitchell have very complementary client bases. In some cases, we have common clients that are served by Aegis in Asia and by Mitchell in Australia," he said. "In other instances, we have clients that are not represented by either firm in Australia. Clearly, by joining forces we will be able to offer clients globally and across the Asia-Pacific region better access to a much broader, more integrated suite of services across media buying and an enlarged digital platform."
Mitchell owns more than 20 companies in the media space, from buying and strategy firms to a raft of online, public relations, sponsorship, sports, direct marketing and customer relationship management companies. It has billings in excess of $800 million.
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