WPP has entered exclusive negotiations to acquire European media monitoring company Press Index in a deal valuing the company at 11.2M euro ($14.1M).
The company, founded in 1997 and publicly traded on NYSE Alternext, has 250 employees across four offices in Paris, London, Milan and Madrid tracking print, digital, broadcast and social media.
Clients include Google, Kellogg’s, Weber Shandwick, IBM, Havas and Lewis PR, among others. Revenue for 2010 was 16.3M euro.
WPP said it is in exclusive negotiations to acquire 87% of Press Index’s outstanding shares from founders and other sellers at 6.81 euro in cash. If that deal is completed, it will kick off an all-cash tender offer for the remaining stake.