Global advertising giant Publicis has bought a 50.1% share in glitzy UK public relations consultancy Freud Communications.
The deal, reportedly worth around £35 million ($63.93m; €52.23m) will make eponymous founder Matthew Freud, grandson of the more famous Sigmund, around £14m richer while allowing him to retain two-thirds of the remaining shares.
The PR firm is one of the best known in the UK and includes among its high profile clients PepsiCo, Nestlé, Sony and Time Warner. The partnership with France-headquartered Publicis will allow it to expand internationally.
Says Freud, whose family connections also include father-in-law Rupert Murdoch: "To be able to preserve and develop our business and culture but have the resources of the most creative global network will provide great opportunities for clients and staff alike."
Freud Communications sold itself in 1994 to top UK ad agency Abbot Mead Vickers but was bought back by its founder in 2001 when AMV was taken over by the world's number one marketing holding company Omnicom Group.
Data sourced from BrandRepublic (UK); additional content by WARC staff