Cordiant Communications Group (CCG) has agreed to acquire Lighthouse Global Network in a deal which will create the world’s tenth largest communications group. The global advertising and communications company which includes Bates Worldwide amongst its assets, will issue 75 million new shares, with a value of £279m, to purchase the group.
The acquisition is part of CCG’s long-term strategy to increase its revenues and enhance its position in the North American and global market. Lighthouse Global Network is a US-based group with an international network of specialist communications and marketing businesses, with revenues of £98.4 million. The combined group will see CCG increase its combined US revenues to 35%, and allow it to enhance its interactive units.
Michael Bungey, chief executive of CCG, said: “This acquisition brings us two new high growth business streams in design and branding and business communications, and adds critical mass to our existing marketing services operation. Lighthouse is another important step towards our goal of becoming one of the world’s leading marketing communications groups and further enhances our value in a rapidly consolidating industry.”
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