Interpublic to buy Acxiom marketing unit for $2.3 billion
Interpublic Group of Cos. has agreed to pay Acxiom Corp. $2.3 billion in cash for its marketing solutions business, the companies said late Monday. Acxiom said it planned to use the proceeds from the sale to pay down debt and expand its stock buyback program. Acxiom stock gained 16% after hours, and closed up 14% to $34.21 during the regular session. Interpublic stock was flat in after hours trading and closed down $1.8% to $23.03 during regular trading. Acxiom shares have gained 24% this year, as the S&P 500 index rose 2%. Once the sale is complete Acxiom plans to rename the company "LiveRamp" and begin trading under the ticker RAMP.
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