Omnicom Group is set to acquire Interpublic Group to create the world's largest advertising agency with a combined worth of $30 billion.The New York City agencies have agreed to a stock-for-stock transaction valued at approximately $13 billion.Under the terms of the agreement, Interpublic shareholders will receive 0.344 shares of Omnicom for each Interpublic share they own, resulting in Omnicom shareholders holding 60.
Interpublic CEO Philippe Krakowsky described the news as a 'historic day for a company that's shaped our industry since its inception' in a memo to employees.He described the two rivals as having 'highly complementary offerings, geographic presence and cultures' that will enable Interpublic to 'continue to invest in and prepare for a future where the pace of change is relentless.