INTERPUBLIC GROUP OF COMPANIES, INC. TO ACQUIRE SUBSIDIARY OF WPP GROUP, LTD.
NEW YORK, Nov. 4 /PRNewswire/ -- Philip H. Geier, Jr., Chairman of the Board and Chief Executive Officer of The Interpublic Group of Companies, Inc. (NYSE: IPG) ("Interpublic"), announced today that a Purchase Agreement has been executed with WPP Group, Ltd. ("WPP") to acquire WPP's subsidiary, Scali, McCabe, Sloves, Inc. ("Scali"). The acquisition does not include Fallon, McElligott, Inc., Morton Goldberg Associates or Scali's operations in Brazil, The Netherlands and Germany. At the closing $32.9 million in cash will be paid to WPP. Additional payments, or assumption of liabilities, up to a maximum purchase price of $55.5 million, may be made in the future, subject to satisfactory completion of certain terms and conditions of the Purchase Agreement. Following the expiration of the waiting period under the Hart- Scott-Rodino Antitrust Improvements Act and the completion of normal closing procedures, Scali will become part of The Lowe Group, one of Interpublic's three global advertising networks. The 1992 billings of the Scali units being acquired were over $550 million. The billings of The Lowe Group for 1992 were $2,001,423,000 and for all of the Interpublic agencies $13,802,538,000. -0- 11/4/93 /CONTACT: Eugene P. Beard, 212-399-8053 or William S. Keating, 212-399-8078, both of Interpublic Group/ (IPG)
CO: Interpublic Group of Companies This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , Inc.; WPP Group WPP Group plc (LSE: WPP) (NASDAQ: WPPGY), based in London, United Kingdom, is one of the world's largest communications services groups (and one of the big six advertising holding companies, the others being Omnicom, Interpublic, Publicis, Dentsu and Havas) employing , Ltd.;
Scali, McCabe, Sloves, Inc. ST: New York IN: ADV SU: TNM
LG -- NY017 -- 0542 11/04/93 09:08 EST EST electroshock therapy.