09:55 AM EST, 12/09/2024 (MT Newswires) -- (Updates with stock move in the headline and last paragraph.)

Omnicom ( OMC ) said Monday it will buy The Interpublic Group of Companies ( IPG ) in a stock-for-stock deal.

As part of the deal, which will likely close in H2 2025, the combined company will keep the Omnicom ( OMC ) name and trade under the OMC ticker symbol on the New York Stock Exchange, Omnicom ( OMC ) said.

Interpublic stockholders will receive 0.344 Omnicom ( OMC ) shares for every Interpublic common share owned, Omnicom ( OMC ) said, adding that Omnicom ( OMC ) stockholders will own 60.6% of the combined company and Interpublic shareholders will own 39.4% following deal completion.

Interpublic shares jumped more than 10% in recent trading, while Omnicom ( OMC ) shares tumbled past 6%.

Price: 96.54, Change: -6.89, Percent Change: -6.66