MDC agrees to buy Colle & McVoy

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TORONTO -- MDC Communications Corp. announced that its Communications and Marketing Division is acquiring a majority interest in Colle & McVoy, a Minneapolis-based agency that does a significant amount of business-to-business work. Under the terms of the agreement, which is awaiting approval by Colle & McVoy stockholders, MDC would pay $19 million for an 80% interest in the agency. Colle & McVoy clients include Pfizer Animal Health, 3M and Caterpillar. This is MDC's fourth acquisition deal for a U.S.-based marketing firm in the past eight months.
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