UK Watchdog Clears Omnicom’s IPG Acquisition
Omnicom’s $13.25 billion deal to buy rival holding company Interpublic Group (IPG) cleared a significant hurdle today as the UK’s Competition and Markets Authority completed its investigation of the acquisition.
As reported in Reuters, the British competition watchdog launched its inquiry in June. On August 6th, it completed the probe.
The CMA clearance decision read: “The CMA has cleared the proposed acquisition by Omnicom Group Inc. of The Interpublic Group of Companies Inc. The full text of the decision will be published shortly.”
The decision follows approvals by the equivalent watchdogs in the USA and Australia.
In June the US Federal Trade Commission gave its approval – on the condition that the newly beefed up holding company does not use its might to “steer ad revenue away from certain news organisations, media outlets and social media networks”. It’s a bid to prevent the company wielding political and ideological influence, avoiding a repeat of the recent falling out between Elon Musk’s X and the World Federation of Advertisers, who fell foul of US anti-trust rules.
On July 17th, the deal also got the green light from the Australia Competition and Consumer Commission.
In total, the acquisition must be approved by 18 antitrust authorities in order to proceed.
Speaking to LBB, a spokesperson for Omnicom said, "We remain confident we will close the transaction in the second half of the year."
