StockMarketWire.com - Advertising company WPP said majority-owned subsidiary Finsbury Glover Hering had agreed to acquire public-relations agency Sard Verbinnen & Co.

WPP said the deal valued the combined group at $917 million and Sard Verbinnen & Co. at $303 million.

The merged group would offer strategic communications services, including government affairs, corporate reputation, crisis management, and transformation and change.

It would employ about 1,000 staff operating from 25 offices in Asia, Europe, the Middle East and the US, including its global headquarters in New York.

The pro-forma combined 2020 revenue of the merged group was more than $330 million.

WPP said the transaction was expected to complete in the fourth quarter of 2021 and the combined company would operate under a new name starting in 2022, to be announced in due course.

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