| |
TNS completes acquisition of NFO
Taylor Nelson Sofres plc has announced the completion of its acquisition of NFO WorldGroup, Inc. (NFO), from The Interpublic Group of Companies, Inc. (Interpublic). The acquisition, which was announced on 14 May 2003, consolidates TNS' position as one of the top three global companies in its industry.
Approximately $400m was paid in cash on completion and the remainder of the agreed consideration of $425m was satisfied by the issue of 11,688,218 new TNS shares to Interpublic: these are subject to a lock-up arrangement, from which 50 per cent will be released on 1 December 2003 and the remainder following the announcement of TNS' 2003 full year results, expected in March 2004. A further $10m may be payable in cash after July 2004, contingent upon the TNS share price at that time.
Mike Kirkham, Chief Executive of TNS, says that integration planning is well advanced. 'We are delighted to have completed the acquisition of NFO... This is an important strategic step for TNS. The acquisition brings to the group for the first time one of the leading US access panels and reinforces our existing network in North America, Europe and Asia Pacific. It also increases our competitive advantage by adding depth to sector expertise and expanding our global key account activities'.
|
