Mumbai: UK-based advertising and marketing conglomerate Aegis Group Plc said on Wednesday that it has agreed to sell its market research firm Synovate to the French group Ipsos SA for £525 million (around Rs 3,340 crore).
Synovate, which is present in 63 markets, launched its India operations in 2004. The research firm has four corporate offices and 14 field offices in the country.
In a notification to the London Stock Exchange, Aegis said that Synovate Aztec, its retail and sales specialist firm, was not part of the deal.
Ipsos’ acquisition of the Aegis company is expected to help the French researcher get a foothold in Asia where Synovate is market leader in several countries.
A successful conclusion of the sale now depends on shareholder approval and mandatory antitrust clearances.
In India, Synovate is among the top market research agencies, servicing clients across consumer products, automotive, food and beverage, luxury goods, financial services, media, information technology and telecom, pharmaceuticals and healthcare companies.
Ipsos has a small presence in India through a local research firm it acquired sometime ago.
“The offer from Ipsos is a great compliment to the strength of Synovate’s business,” said Robert Philpott, global chief executive of Synovate.
Commenting on the acquisition, Didier Truchot, chairman and chief executive officer of Ipsos, said: “We are delighted to be buying Synovate, a business operating in exciting growth markets with a strong management and committed professionals… This deal will meet our goals to make Ipsos brand a worldwide brand.”
This investment could only strengthen Ipsos operations globally, especially because Synovate was a fairly well-entrenched firm in the region, especially in India, according to Smita Jha, consulting head, entertainment and media practice, PricewaterhouseCoopers India Pvt. Ltd.