Interpublic Completes the Acquisition of True North, Creating the World's Largest Marketing Communications and Services Group
NEW YORK, NY (June 22, 2001)—The Interpublic Group of Companies announced today that it had completed the acquisition of True North Communications in a pooling of interests transaction.
Interpublic will exchange 1.14 shares for each outstanding share of True North. True North has approximately 51 million shares outstanding.
"The completion of this deal signals an exciting new era for us as we continue to evolve towards leadership in all areas of marketing services," said John Dooner, Chairman and CEO of Interpublic. "We will be able to expand the range of combined and integrated services that we can offer our clients on a worldwide basis. Fortunately, our two companies have worked so well during the transition period that we will be able to move quickly to begin to realize the benefits of this acquisition."
The transaction unites the resources of two of the leading diversified advertising and marketing communications firms to create the world’s largest marketing communications organization serving the largest base of global accounts, including 40 clients served in more than 20 countries. Combined pro forma revenue in 2000 was $7.2 billion.
The company’s major worldwide brands include McCann-Erickson WorldGroup, The Lowe Group, FCB Worldwide, DraftWorldwide, Initiative Media Worldwide, Octagon, NFO WorldGroup, BSMG Worldwide, Marketing Drive Worldwide, and the Allied Communications Group.
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