SYDNEY: The Photon Group has acquired London headquartered international hotshop Naked Communications in a A$36 million ($32.73m; €22.06m; £16.55m) deal.

The intial price paid seems strangely low for an agency of Naked's size and reputation, with a string of offices across sixteen nations, including New York, Paris, Sydney and Tokyo. 

But the firm's founders will also benefit from a four-year performance based earn-out package.

Unlike traditional agencies, Naked eschews media buying and instead offers its clients channel-neutral guidance. It is remunerated by fee, and billed a net £15.63m in 2007.

Data sourced from Sydney Morning Herald; additional content by WARC staff