French advertising agency Publicis said Monday it had bought US digital marketing specialists Sapient in a $3.7 billion (2.95 billion euros) deal.
Publicis, whose attempts to merge with US group Omnicom and create the world’s biggest advertising company failed earlier this year, said it had agreed to pay $25 a share for Boston-based Sapient.
The French group said that in acquiring Sapient, its digital operations now represented more than half its business “three years before the goal set out in our strategic plan”.
The failure of the Omnicom deal, which would have created an advertising giant to overtake Britain’s WPP employing 130,000 staff with annual sales of 20 billion euros, led to a boardroom shake-up at Publicis.
Sapient, a pioneer of Internet-based technology, had turnover of $1.36 billion and profits of $85.9 million in its last financial year.
On Friday, speculation about the imminent Publicis deal pushed Sapient’s shares up 2.79 percent to $17.32 on the Nasdaq.