Chime Communications shareholders have approved the $32M sale of PR unit Bell Pottinger to Tim Bell, setting up a June 30 closing for the deal.
Chime said its remaining PR operation will form The Good Relations Group, including Corporate Citizenship, Good Relations, Harvard, InEvidence and Insight, led by former Bell Pottinger chair Kevin Murray.
Other Chime PR operations, including Stuart Higgins Communications (sports), Teamspirit (financial) and Reynolds Mackenzie (healthcare) will be outside of the Good unit.
“This provides us with a strong platform to deliver growth in the future,” said Chime CEO Christopher Satterhwaite. “The group will play an integral role within Chime and will focus on advising clients on how to create and develop trusted brands.”
Bell Pottinger said in a statement today that it will be one of the U.K.’s top five PR groups with £33M in annual revenue and more than 200 staffers.
Under the BP sale, Chime gets $24M in cash and a 25 percent stake in the renamed BPP Communications.