New York-headquartered digital ad agency Razorfish has acquired a German counterpart, Medialab AG, based in Munich.

The deal values Medialab at around $9.4 million but was sealed with a cash payment of $1.4 million plus 446,080 shares of common stock.

The German shop will now trade as Razorfish Munich, retaining all 55 members of its staff.

News source: Advertising Age - International Daily