Japanese advertising giant Dentsu Inc today said it has completed the acquisition of UK-based media firm Aegis, nine months after announcing the acquisition.
All the network companies of Aegis Group (Carat, Isobar, iProspect, Posterscope, Vizeum and Aztec) will continue their operations within the Dentsu Group under the Aegis Media banner, Dentsu said in a statement.
In July last year, Dentsu had announced acquisition of Aegis Group Plc for 3.16 billion pounds (USD 5 billion) in cash.
The expanded Dentsu Group now has a presence in 110 countries, and employs more than 36,000 professionals across the globe, the statement said.
The two companies have a significant presence in India. The deal will create a new global player to compete against rivals including Omnicom, Publicis and WPP.
Dentsu also announced creation of Dentsu Aegis Network Ltd, a new global operating unit based in London, to manage the global operations of the Japanese giant outside its home nation as well as Aegis Media's worldwide operations.
The Dentsu Network and Aegis Media will continue to operate as separate entities. They will, however, be governed by the Dentsu Aegis Network Management Team and Board of Directors, the statement said.
Dentsu senior vice president and CEO of Dentsu Network, Tim Andree, has been appointed Executive Chairman of the Dentsu Aegis Network. Jerry Buhlmann, who will continue as the CEO of Aegis Media, has also been appointed CEO of Dentsu Aegis Network.
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