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 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.