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Sapient to Buy Nitro Group for $50m
In an effort to expand beyond online media, Sapient Corp. (SAPE - Snapshot Report) announced plans to acquire advertising agency Nitro Group LLC for a consideration of about $50 million.
Shares of this Zacks #3 Rank ("Hold") stock have climbed almost 6% so far today on higher-than-normal volume of approximately 1.4 million, against the average daily volume of about 1.0 million.
New York-based Nitro boasts of major clients such as ConAgra Foods Inc. (CAG - Analyst Report), Nike Inc. (NKE - Analyst Report) and Foot Locker Inc. (FL - Snapshot Report). The company recently won an award for its popular "best job in the world" campaign for Tourism Queensland.
Explaining the rationale behind the acquisition, Sapient's executive director Gaston Legorburu said, "Clients want a fully integrated, strategically led and digitally enabled agency."
Sapient, which will pay through a combination of cash and stock, expects the deal to be complete by early July.
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| Market Summary | Nov 26, 2009 12:31 pm ET |
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