9th Apr 2024 17:06
M&C Saatchi PLC - London-based communications company - Announces divestment of shares in the M&C Saatchi South Africa Group. The group includes M&C Saatchi Abel, Connect, Levergy, Razor, Dalmatian and Black & White. Says the shares are being acquired by "existing local leadership teams", comprising the directors and minority owners of the group. In 2023, the South Africa Group generated a consolidated post-tax profit of GBP1.3 million. The cash consideration for the shares is GBP5.6 million, and M&C Saatchi says the divestment aligns with its strategy "to simplify its operating structure while retaining its valued affiliation with this South African group of agencies". Last week, M&C Saatchi divested certain French associate investments, including Cometis, Australie, and M&C Saatchi Little Stories, for a consideration of EUR1 million. Read More
