Credit: Pawel Czerwinski via Unsplash https://unsplash.com/@pawel_czerwinski
Omnicom, with the last regulatory hurdle mastered, has completed its acquisition of IPG, forming the world’s largest advertising group.
The company's full leadership team will be announced next week.
"This is a defining moment for our company and our industry," said John Wren, CEO of Omnicom.
"With the completion of the deal, Omnicom is setting a new standard for modern marketing and sales leadership -- creating stronger brands, delivering superior business outcomes and driving sustainable growth.”
The new company has combined revenue of more than $US25 billion.
The marriage of rivals brings together the world’s third biggest advertising group, Omnicom, with the fourth, IPG, to form a company with 100,000 people
Omnicom is confident of exceeding its $US750 million cost synergy target from the deal.
Job cuts have been ongoing as both companies prepare to become one.
At Omnicom the cuts have so far been mainly in its advertising group.
Accounts posted for the company’s September quarter show an increase in operating expenses, including $US38.6 million in repositioning costs, primarily related to “severance actions”.
In the nine months to September, $127.4 million was spent on severance.
Notes to the accounts say these “severance actions” were within Omnicom advertising group, pending the acquisition of IPG.
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