Global marketing group, Cordiant Communications, is to merge its European subsidiary Scholz & Friends Group with Germany’s United Visions Entertainment (UVE).
Scholz is an advertising and integrated communications network with offices in 14 countries across Europe. UVE is listed on the German Neuer Markt and specialises in the production of live entertainment programs for television and the internet.
Under the terms of the merger agreement, Cordiant is to acquire approximately 19% of UVE for a cash consideration of around €5 million. Scholz & Friends will transfer its business and assets to a new company named Scholz & Friends AG. UVE will then merge into this company.
On completion of the merger Cordiant will hold more than 80% in Scholz & Friends AG.
The merger of Scholz & Friends and UVE creates the first integrated communications agency in Germany that combines advertising expertise with extensive knowledge of the entertainment industry, says Cordiant.
