M&C Saatchi To Sell 75.1% Of Walker Media To Publicis Groupe

(RTTNews) - M&C Saatchi (SAA.L), the global marketing services business, has agreed to sell a 75.1% stake in Walker Media to Publicis Groupe (PGPEF.PK, PUBGY.PK). Walker Media would form part of a new global network which would benefit M&C Saatchi's worldwide client base.

According to M&C, Walker Media would become part of Publicis Groupe's ZenithOptimedia Group, and would be a key cornerstone of a new global media network to be introduced in 2014. However, M&C Saatchi would retain a 24.9% interest in Walker Media and would possess the right to name a minority of directors to the board, which initially would be David Kershaw, CEO of M&C Saatchi plc, and Jamie Hewitt, Group Finance Director of M&C Saatchi plc.

The consideration for the stake sale is 36 million pounds, equating to a valuation for the whole of Walker media of 48 million pounds, and would be payable in cash on completion of the transaction, expected on November 27, 2013.

Walker Media had 49.1 million pounds of gross assets as at December 31, 2012 and 5.2 million operating profit in 2012.