Global marketing group, Cordiant Communications, is to merge its European subsidiary Scholz & Friends Group with Germany’s United Visions Entertainment (UVE).
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.