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BOSTON Digitas today said it has agreed to buy Modem Media in a stock-for-stock transaction.
Based on yesterday’s closing price for Digitas common stock, the acquisition is valued at approximately $200 million on a fully diluted basis, according to Digitas, a Boston-based interactive and direct marketing company with about 1,200 employees worldwide.
Norwalk, Conn.-based Modem has 270 employees and offices in London and San Francisco. Following the merger, Modem Media will continue to operate under its existing name, and will be led by Martin Reidy, who currently is president of Digitas in San Francisco.
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