With the first month almost over, Business Standard has revealed a great story for the industry. Speculations of the world’s third-largest advertising network, Publicis Groupe, in talks to acquire Law & Kenneth have been declared as true. The New Delhi-based independent agency led by adman Praveen Kenneth has been acquired for a deal size that has been kept undercover. The deal was signed in France on Wednesday.
A formal announcement is yet to be made but according to reports Law & Kenneth will be merged with Publicis Groupe’s Saatchi & Saatchi India, and the new entity will be called L&K Saatchi & Saatchi. Praveen Kenneth, Founder of Law & Kenneth, will be the Managing Director and Chairman of the merged entity while Anil Nair will be CEO.
To remind you, Law & Kenneth was launched in 2005 by an ex-Publicis, Praveen Kenneth. Praveen started his career at Ogilvy & Mather as a trainee at the age of 20 years and went on to became the youngest CEO in Publicis Group at the age of 29. Before he became a CEO at Publicis, Kenneth had worked at Mudra DDB and McCann Erickson.
For Publicis Groupe this is the eighth acquisition in India since mid-2012, the last being Beehive Communications in October last year. The Paris-headquartered firm, looking to double its revenues by end-2014, right now is seeking approval for its $35.1-billion merger with Omnicom.
The latest addition by Publicis will strengthen the goal of taking its existing quarter of revenues from emerging markets to 35 percent in the next four years, as stated by Publicis Groupe Chairman, Maurice Levy, while on a visit to the country last month. Levy considers India, Brazil and China to be key markets.
Image credit: Vimeo