Publicis Group has announced an acquisition deal with digital agency LBI worth 416 million euros.
The deal will see the French headquartered marketing services company buy shares in LBi, the latest deal by the group which had also acquired agencies such as Razorfish, Rosetta and Digitas in recent years.
Maurice Levy, CEO and chairman of Publicis said that the acquisition was "Another step forward in further strengthening our digital operations."
He added: "Within the global advertising landscape, LBi is a well-known partner for extraordinary digital customer experiences, based on a blend of creativity and expertise in technology, strategy and social media. The integration of LBi will further enhance our capabilities and, through a wider pool of resources and talent, help deliver innovative and best-in-class services to our clients, which is our relentless focus."
Luke Taylor, CEO of LBi, commented; "We are thrilled at the prospect of joining Publicis Groupe and are convinced this transaction not only provides highly attractive value to our shareholders, but equally to our clients, staff and partners.
"Publicis Groupe has consistently demonstrated a clear and emphatic belief in the importance of digital media and is recognized for grooming and managing its talent worldwide. Our entire strategy to date is built on a commitment to relentlessly drive and optimize value for our clients. There is now a unique opportunity to pace set the market and collaborate across new geographies and marketing services so that we can accelerate our strategic plans aimed at providing clients with a globally integrated offering."
This is the latest large scale acquisition of a digital agency following WPP buying AKQA and Fortune Cookie this year.
LBi was second on The Drum's Digital 100 list announced yesterday, beaten only by Sapient Nitro.