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Chime Communications is to acquire VCCP in a cash-and-shares deal that could be worth pounds 30 million.
Funding for the acquisition was aided by the purchase of 11.5 million shares, worth around pounds 5 million, by WPP North Atlantic, a subsidiary of WPP. Chime will pay pounds 14.5 million up front and pounds 15.5 million later, dependent on the agency meeting profit targets.
Half of the total will be paid by the creation of 25.5 million shares that the partners cannot sell for 18 months. The four founding partners each own a 20 per cent stake in the company and will receive around pounds 6 ...