The Drum has published a story referencing analyst predictions that M&C Saatchi will be acquiring agencies in the US after some hefty new business wins. Not often you see acquisitions for that purpose - usually it's to grow, rather than to to staff up (tht's called recruitment). Here's a snippet:
The forecasts came after M&C Saatchi appointed Jeff Brooks, former chief digital officer at rival company Euro RSCG, as its chief executive in America and hired Pierre Lipton, executive creative director at San Francisco-based branding agency AKQA to become M&C’s chief creative officer in New York. In addition, the company has already won work from U.S clients such as Kellogg, Pfizer and Unilever. Speaking to the Scotsman, analysts Paul Richards and Gareth Davies at Numis Securities said: “The group has a strong balance sheet – with net cash of £19m at the end of this year – and we see scope for bolt-on acquisitions to supplement organic growth.”
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