Naked sells to Photon for £16.5m
By Ian Darby, campaignlive.co.uk, Monday, 04 February 2008 09:00PM
LONDON - Naked Communications has been acquired by the Australian group Photon in a deal that includes an initial upfront cash payment of £16.5 million.
Photon, a publicly-listed marketing services group, has acquired 100 per cent of the business. The deal will involve a four-year earn out package for the agency's founders with future, as yet undisclosed, payments dependent on Naked hitting growth targets between 2008 and 2011.
The deal was finalised in Australia by Naked's group chief executive Nigel Long, founder Jon Wilkins and finance director Barry Dudley.
Naked is the latest acquisition for Photon, which has been growing its presence outside of Australia with recent purchases including the experiential agency Sledge, branding business Corporate Edge and PR agency Frank PR.
Naked was founded in 2000 by Will Collin, John Harlow and Jon Wilkins. Its other shareholders include the advertising agency Mother.
Will the Photon deal compromise the Naked culture and its claims to be media neutral?
Post your comments below:
This article was first published on campaignlive.co.uk
- Artworker Fashion & Retail Personnel Consultancy £23000 - £25000 per annum + Outstanding Benefits!, London
- Creative Developer / PM Digital Gurus £20000 - £27000 per annum, London
- RETOUCHER (Fashion, Photoshop, Ecommerce, Retouching) Creative Recruitment £19000 - £25000 per annum, London
- Communications Manager - Temp to perm Stopgap £30000 - £40000 per annum, London
- Category and Channel Insights Manager Jarlett de Grouchy £40000.00 per annum, South East England