Global marketing communications group, Cordiant, has announced the acquisition of Gallagher & Kelly Public Relations, a leading business communications consultancy in Ireland.
Based in Dublin, Gallagher & Kelly provides clients with a range of corporate communications services, including media relations, public affairs and corporate brand communications. The company advises and represents a range of domestic and international clients, including Coca Cola, Dell, Microsoft and Bank of Ireland.
Gallagher & Kelly will become part of Cordiant’s Business Communications International (BCI) network. BCI’s global network includes operations in London, New York, Boston, San Francisco, Frankfurt and Paris. The acquisition of Gallagher & Kelly gives BCI a leading presence in the Irish market, from which an increasing number of multinational companies are seeking to access international markets, says Cordiant.
Cordiant paid an initial IR£7.1 million (£5.6 million) with the issue of 2.2 million new Cordiant shares. A maximum total consideration of IR£12.0 million (£9.5 million) may be payable depending on Gallagher & Kelly’s financial performance to December 2003. P Nick Miles, CEO of BCI commented: “We know Gallagher & Kelly well and have found them to be highly professional and ambitious for their clients. Together, Gallagher & Kelly alongside Financial Dynamics will be the clear domestic market leader. Outside Ireland, we have far-reaching plans to develop our US client business and expand our European reach.”
Cordiant recently unveiled a set of strong financial results and backed them up with a positive outlook on the group’s future (see Cordiant Turns In Record Figures).
At 10:00am today stock in Cordiant Communications was down 8p at 237˝p, following the announcement.
Cordiant Communications: 020 7262 4343
