Be among trailblazing marketing pros at Brandweek this September 23–26 in Phoenix, Arizona. Experience incredible networking, insightful sessions and a boost of inspiration at ADWEEK’s ultimate brand event. Register by May 13 to save 35%.
NEW YORK
In a deal that involves three of the most well-known figures in the British communications industry, a top independent London ad agency, Howell Henry Chaldecott Lury + Partners, is selling to Sir Tim Bell’s public relations-driven Chime Communications for $51 million in cash and stock.
WPP Group is effectively bankrolling the deal by coming in as a third partner, buying a 29.9 percent stake in Chime for about $24 million. Under U.K. trading laws, that holding is the maximum allowed before WPP must bid for all outstanding shares.
WPP chief executive Martin Sorrell and powerbroker Bell both worked with Maurice and Charles Saatchi in the 1980s.
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in