LONDON (dpa-AFX) - Omnicom (OMC), on Monday, said it has agreed to acquire Flywheel Digital, the digital commerce business of Ascential (ASCL.L), for a net cash purchase price of about $835 million.
The acquisition, which is subject to Ascential shareholder approval, regulatory approvals, and customary closing conditions, is expected to close in the first quarter of 2024.
Flywheel's services enable top brands to sell more goods more efficiently across hundreds of digital marketplaces, such as Amazon, Walmart, and Alibaba.
John Wren , Chairman and CEO of Omnicom said, 'E-commerce sales worldwide are set to increase by 50%, reaching about $7 trillion dollars by 2025. The acquisition of Flywheel significantly broadens our reach and influence in the rapidly expanding digital commerce and retail media sectors, two of the fastest-growing parts of the industry.'
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