Abbott Mead Vickers BBDO
, London, said it is selling London-based worldwide Adidas agency Leagas Delaney to its management for $6.7 million. The deal includes AMV BBDO
's 30% stake in Leagas Delaney's U.S. operation, launched in San Francisco in 1996 primarily to service its global Adidas business, now worth $100 million. AMV BBDO said the disposal was driven by Leagas Delaney's push for international expansion. Leagas Delaney opened offices in Barcelona, Paris and Rome at the end of last year. The sale is to close April 7.
Copyright March 1998, Crain Communications Inc.