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Communications Porta Communications

Porta Communications closes in on Threadneedle Communications acquisition

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By The Drum Team, Editorial

September 20, 2011 | 2 min read

The proposed acquisition of Threadneedle Communications by Porta Communications, has moved a step nearer with the announcement that a contract has been signed.

The proposed acquisition will see 80% of Threadneedle bought by Porta, subject to approval from the shareholders of the buying company’s shareholders, with the deal thought to be worth £3.8m.

The acquisition is the first transaction undertaken by Porta, which set out its strategy to become an international communications and marketing business last year.

Acquiring Threadneedle, will give Porta a financial public relations offering for small and mid-cap companies, while Porta has said that it plans to build upon the quality of the agency, which will become Newgate Threadneedle, as well as develop the strength of the management team.

David Wright, CEO of Porta Communications, said; "Having set out our strategy for creating an international marketing and communications business in November last year, we have been focused on finding the right targets to deliver this and drive the company forward. I am therefore delighted to be able to announce the acquisition of Threadneedle, a highly respected financial PR agency which has grown through reputation at an impressive rate, despite the general market weakness experienced over the last few years.

"This is merely the first step in our stated strategy but underlines the calibre of businesses that we continue to target as we build the Porta stable."

Graham Herring, managing director of Threadneedle Communications, added:"Threadneedle prides itself on the levels of service and sound advice that have enabled us to achieve such a strong position in the small to mid-cap arena in a short space of time. Our clients and their needs remain at the forefront of everything that we do and I believe that, as Porta continues along its stated strategy, there will be further benefits that can add even greater value to their communications and marketing needs."

Communications Porta Communications

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