– The Interpublic Group of Companies is to buy Brands Hatch Leisure, the company that owns the Kent motor racing circuit, for £120 million.
Under the terms of the deal, Interpublic will offer 22.67 new shares for every 100 Brands Hatch shares, and Brands Hatch will become part of Interpublic's recently-formed Octagon sports marketing and entertainment network.
The deal values Brands Hatch shares at 546 pence compared with its Monday closing price of 493-1/2p.
The deal will see Nicola Foulston, chief executive of Brands Hatch join the Octagon board.
Octagon manages a number of motorsport events, including the Superbike World Championship.
