The shareholders of India have agreed to sell their 51% stake in the agency to their international partners the Interpublic Group.The shares were held by 12 Lintas Employees Welfare Trusts. Confirming the development, Prem Mehta, chairman and managing director, Lintas India said, " There is a proposal from IPG to acquire the shares held by the Indian shareholders in Lintas India Private Limited.
However, the deal is not yet complete. There is an application awaiting approval at FIPB." There were according to Mehta no brokers for the deal — Ambit Corporate Finance advised IPG while the Indian shareholders were advised by DSP Merrill Lynch.
While Mr Mehta declined to comment on the value of the deal, it is estimated by industry sources to be between $80-$100 million.
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