Publicis buys out BBH

The agency may not have a local office but its work is revered in Australia, and now internationally famed British agency BBH has been bought out by Publicis.

Last night Publicis increased its stake in the company from 49% to 100%, purchasing 51% of the company.

According to The Guardian, BBH's founders Nigel Bogle and Sir John Hegarty stand to take £40 million, in a deal potentially worth £140 million.

Publicis bought its 49% stake in the famed advertising agency in 2002.

In a separate transaction, Publicis also bought Brazilian agency Neogama/BBH, which was 34% owned by BBH and mainly owned by its founder and chief creative Alexandre Gama.

While Bogle and Hegarty will take a step back from the running of the business, they will still remain active within the company.

BBH chief executive Simon Sherwood will become chairman of the company, while Gama will be elevated to worldwide chief creative officer.

BBH's founders have been careful to point out the company will retain its independent spirit.

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