The company acquired no debt and $130 million in receivables, and the deal will include roughly 2,100 MarchFirst employees. Total value of the deal is $10 million in cash and a $60 million balloon payment due in five years.
The sale of other MarchFirst assets, including McKinney & Silver, Raleigh, N.C., is expected soon. Havas Advertising is expected to finalize a deal to purchase McKinney from the distressed MarchFirst within the next few weeks, an individual familiar with the situation told AdAge.com.
Executives from MarchFirst and the Paris-based Havas declined to comment. -- Catherine P. Taylor and Wendy Davis
Copyright March 2001, Crain Communications Inc.