LONDON (Alliance News) - The Mission Marketing Group PLC said Monday that it has acquired Raymond Loewy International Ltd through the issue of shares, and is merging it with its Bray Leino PR division to form a new public-relations business called Speed Communications.
Raymond Loewy is a London-based agency with 25 staff, with clients including The Economist, The Financial Times, and GlaxoSmithKline PLC amongst others.
Mission Marketing said the merged business will specialise in the sport, media, technology, consumer and lifestyle, and business and corporate sectors. It will issue 600,000 shares as part of its initial consideration, and a further consideration may be payable based on Speed Communications' future performance.
"The acquisition of Speed Communications and the merger with Bray Leino PR gives us the opportunity to create an exciting new force in PR, offering a wide range of multi-channel and multi-sector capabilities," said Executive Chairman David Morgan in a statement.
Shares in Mission Marketing are trading up 0.6% at 43.50 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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