$25M sale of advert agency
PA Wellington Advertising agency Mac Kay King has been taken over by giant Lon-don-based Saatchi and Saatchi. Mac Kay King said yesterday that Saatchi and Saatchi acquired full ownership of it for $25 million. The figure was based on historic profit performance and further payments may be made depending on profitability, with a final payment in 1994 based on 11 times profit after tax, Mac Kay said. The agency said it had billings in 1987 of over S42M, making it New Zea-
land’s biggest. Saatchi and Saatchi became the world’s largest advertising group 18 years after being founded by two brothers, Charles and Maurice Saatchi. The takeover was subject to approval from the Commerce Commission and the Overseas Investment Commission. Once those were gained, Mac Kay King said it would change its name to Saatchi and Saatchi and be run by joint chief executive officers Mr Terry King and Mr Peter Cullinane. Mr King is Mac Kay King’s chairman and Mr Cullinane is its managing director.
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Press, 14 September 1988, Page 42
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171$25M sale of advert agency Press, 14 September 1988, Page 42
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