The sale is subject to bankruptcy court approval; Luminant filed for Chapter 11 protection after the market closed Friday.
Out of cash
Luminant had revealed last month it did not have enough cash on hand to support the company until the end of the year.
In a quarterly filing with the Securities and
Employees and clients
Luminant management said Lante plans to offer jobs to an undetermined number of employees to serve existing Luminant clients.
The deal is expected to close in the first quarter, subject to court approval and other regulatory conditions.
Formed in 1999 from a combination of eight agencies primarily specializing in interactive marketing and advertising, including WPP's Young & Rubicam's Brand Dialogue unit, Luminant was widely lauded for its Web design capabilities. Y&R had been a major investor in the i-shop, with a 20% stake.