The Interpublic Group of Companies, New York, has agreed to acquire London-based International Public Relations, parent of Shandwick and Golin/Harris, in a stock swap worth $169.2 million. The deal had been speculated by industry observers for months. The purchase of IPR, the world's largest independent public relations firm, thrusts IPG into the competitive public relations arena. Prior to the intended acquisition, IPG's main public relations force was through its McCann-Erickson Worldwide's Weber Public Relations. IPG expects the deal to close by October of this year. IPR chairman, and Shandwick founder Peter Chadlington will continue to head IPR.
Copyright July 1998, Crain Communications Inc.