Japanese powerhouse Dentsu has completed its takeover of the Aegis Media Group in a deal worth more than $4bn, after receiving the go-ahead form the Chinese authorities.
Existing brands Posterscope, Carat, iProspect, Isobar and Vizeum, as well as the Mitchells media buying group, will continue to operate under the Aegis banner, but will be overseen from a new Dentsu Aegis Network head office headquartered in London.
This new entity will be led by Tim Andree as executive chairman, whilst Aegis Network CEO Jerry Buhlmann will also be chief exec of it.
“We are delighted that this transformative deal has been completed,” said Dentsu president and CEO Tadashi Ishii. “The additionof Aegis represents a massive step toward relaising our vision of a client-centric collaborative global network of the best-in-class brand, digital and media agencies.”
Buhlmann added: “This is called the closing of the deal, but it really is the beginning. Our complementary geographic and product portfolios, as well as the strong positive chemistry that is rooted in our shared values, can only result in more and better ways to collaborate.”
The deal was kicked off last July, and has creatd Asia-Pacific’s largest media buying group.