Porta Communications agrees £1.49m share deal to acquire WFCA
Marketing group Porta Communications is set to acquire independent agency WFCA through an all-share offer worth around £1.49m.
Porta is set to acquire 83 percent of WFCA shares it aims to build up, through acquisitions and start-up ventures, an international communications business, with this deal suggested by chairman of WFCA and shareholder in Porta, Bob Morton.
Through the deal, WFCA will be combined with another recent addition to the group, Twenty20.
Morton will become a non-executive chairman of the group, and David Wright its chief executive.
Wright commented; "The acquisition of WFCA is in-line with our growth strategy and follows our recent acquisition of Twenty20. We believe that there will be operational efficiencies and plc cost savings in combining WFCA with Twenty20 and that the combined businesses will create a strong agency focused on the retail sector, amongst others, and also enhance Porta's media buying capability."
Stephen Latter, Finance Director of WFCA, added; "This is a very exciting development for WFCA's shareholders, clients and staff alike. Porta is a marketing communications business with ambitious growth plans both geographically and in breadth of service, and with our excellent creative and media services, the combined organisation offers a compelling proposition."
