Shareholders of Omnicom and Interpublic Group of Companies have signed off on the two advertising giants’ pending $13 billion merger to create a combined company with over 100,000 employees and revenue of $25.6 billion.
Under the terms of the all-stock transaction, IPG shareholders will receive 0.344 Omnicom shares for each share of IPG common stock they own. Following the closing of the transaction, Omnicom shareholders will own 60.6% of the combined company and IPG shareholders will own 39.4%.
“With an overwhelming majority voting in favor of the transaction, it is clear that our stockholders see the immense opportunity of Interpublic joining forces with Omnicom,” Interpublic CEO Philippe Krakowsky said in a statement.