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Havas Advertising has reached an agreement to purchase McKinney & Silver.
“There’s nothing official,” said agency director of communications Janet Northern. But sources, speaking on the condition of anonymity, confirmed that Paris-based Havas successfully concluded negotiations with marchFirst, the Raleigh, N.C., agency’s troubled parent.
Ed Eskandarian, a Havas board member and CEO of the French company’s Boston-based Arnold advertising network, was point man in the talks, along with McKinney president and CEO Don Maurer.
A purchase price has not been disclosed, but sources suggested $20-25 million would represent fair market value, based on McKinney’s $26 million in revenue last year.
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