Cordiant, the global marketing communications group, has acquired 100% of Presentation Communications International (PCI), a European live communications specialist. Based in London with over 60 employees, PCI designs and produces live events, exhibitions, videos and brand environments for clients which include Microsoft, Toyota, B&Q, BT, Marks & Spencer and Ford.
The acquisition further enhances Cordiant’s operations in live communications which already include HP:ICM, a communications agency based in London, and Avid, a Chicago-based events specialist. PCI will join forces with HP:ICM to form the basis of a new face-to-face marketing network, with Richard Bamford of PCI becoming CEO of the enlarged operation.
The initial consideration will be satisfied by the issue of 7,675,052 new Cordiant shares. Maximum further consideration of £31.2 million may be payable in new Cordiant shares depending on the financial performance of PCI and HP:ICM to December 2004.
PCI had revenues of £5.0 million and audited profit before tax of £1.4 million for the year ended 30 April 2000.
By late afternoon today, Cordiant shares were up 2p at 182½p.
