- Rainey Kelly Campbell Roalfe has sold to Young & Rubicam in a deal estimated to be worth over £25 million resulting in Rainey Kelly's management team taking over the running of Y&R London.
The new agency, Rainey Kelly Campbell Roalfe/Y&R, will have combined billings of £209 million and should rank number ten in the UK agency league table.
MT Rainey said: "We are at the top of our game. We are proud of the Rainey Kelly brand and see this as a big, blue sky opportunity for us to shape the Y&R brand in the UK alongside our own."
Rainey and Jim Kelly will both take on the title of joint chief executive, while Robert Campbell and Mark Roalfe will be co-creative directors of the new agency. All four are expected to receive a third of the money up front, with the final two thirds of the cash delivered in four years' time in a deal related to a set of performance criteria. Full details in Campaign Magazine and on CampaignLive tomorrow.