F&B was founded in 1986 and has around 300 staff in its Gothenburg office and boasts a client roster including Volvo Cars, Ikea and The Co-operative.
MDC, which owns Crispin Porter & Bogusky and 72andSunny, will acquire the independent agency subject to regulatory approval.
F&B is expected to form a global partnership with CP&B, which has three offices in Sweden, although both agencies will remain as separate brands.
Richard Pinder, the UK and international chief executive of CP&B, told Campaign: "It's our clear plan to keep both brands and both operations.
"CP&B Scandinavia is a three-agency operation (Gothenburg, Stockholm and Copenhagen) serving clients within Scandinavia. F&B is a brand that services clients globally. There's very little overlap."
Last week F&B won the Grand Prix at the Cannes PR Lions for its health-conscious campaign (above) for the Co-op in Sweden. "The organic effect" focuses on the benefits to a family’s health when they switch to an organic diet.
It is the first acquisition by the American company since Scott Kauffman took over as chief executive from Miles Nadal last year. Nadal stepped down following an investigation by the Securities and Exchange Commission into his expenses.