London-headquartered advertising group Cordiant Communications announced the acquisition of US e-business consultancy MicroArts for $47.4 million wholly in stock.

Cordiant chief executive Michael Bungey explained that the purchase would fit the group’s recent move towards marketing sectors with high growth and big profits. “We are ideally placed to service online brands and exploit the growth potential of this market,” he said.

He added that MicroArts’ expertise and methodology would be incorporated into Cordiant’s e-business solutions division CMG.XM.

The deal could be worth up to $88.1m in Cordiant shares, depending on MicroArts’ performance over the next three years.

News source: Financial Times [27-Dec-00]