Consulting firm Accenture has announced that it has
agreed to purchase a 62% majority of SinnerSchrader AG, a digital agency in
Germany, from co-founder and CEO Matthias Schrader, CFO Thomas Dyckhoff, and
other shareholders at 9 euros per share.
Accenture also announced its intention to launch a
public tender offer to all remaining shareholders at the same price. This
represents a premium of 58% over the 12-month volume-weighted average share
price and 31% over the 3-month volume-weighted average share price before
announcement. The transaction is subject to customary closing conditions and is
expected to close in the first half of CY 2017.
Accenture and SinnerSchrader have also signed an
agreement outlining the relationship between SinnerSchrader and Accenture
Interactive that aims to jointly develop digital transformation solutions
through the combination of consulting, design and technology.
Under the terms of the agreement, Schrader will
retain his role as CEO of the company and, after a transition period, lead the
joint digital agency business of Accenture Interactive in Germany, Austria and
Switzerland. While Deutsche Bank acts as financial advisor to Accenture for the
transaction, SinnerSchrader has retained M.M.Warburg & CO as financial
advisor.
With this acquisition, Accenture will take another
major step in expanding its digital agency, Accenture Interactive, in Germany.
The acquisition will strengthen Accenture Interactive’s capabilities in
customer experience design as well as development of digital strategies and
mobile offerings, and deepen its eCommerce and content marketing offerings.
Accenture Interactive is the world’s biggest and
fastest-growing digital agency, according to the latest agency ranking by
Advertising Age. It offers digital customer experience services ranging from
creative to technology, spanning experience design, marketing, content and
commerce.
SinnerSchrader will be Accenture Interactive’s tenth
acquisition globally since 2013. Most recently, Accenture bought London-based
creative agency Karmarama. Other acquisitions include global design and
innovation consultancy Fjord which also has studios in Berlin and Zurich.
“With SinnerSchrader, we continue to build out
Accenture Interactive’s position as a leading digital customer experience
agency”, said Brian Whipple, head of Accenture Interactive. “We combine design,
innovation and the culture of an agency with the integration, scale, and
technology of Accenture – and a laser-focus on helping clients create great
customer experiences.”
“The planned acquisition will benefit our clients
and employees as well as our shareholders,” said Matthias Schrader, co-founder
and CEO of SinnerSchrader. “Linking our interdisciplinary culture spanning
consulting, design and technology with the global organization, technology
skills, and industry expertise of Accenture and Accenture Interactive will
enable us to service our clients more broadly and on a global scale. Our
talents will have access to new and exciting projects and career
opportunities.”
“Technology and consumer expectations are changing
fast, challenging companies every day to create meaningful experiences for
their customers,” said Rainer Balensiefer, head of Accenture Interactive
Germany, Austria and Switzerland. “This is an area where Matthias Schrader and
his team have significant expertise and experience, which we will leverage to
jointly drive our clients’ digital businesses.”
“SinnerSchrader’ highly sought-after skills will go
a long way in securing our position as one of the leading providers for digital
transformation in Germany,” said Frank Riemensperger, country managing director
of Accenture Germany. “We are pleased to welcome the SinnerSchrader team and
its distinctive digital agency culture.”
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