The Week: City news - Havas buys Cake for £12m

Havas has bought Cake, the UK brand entertainment agency, in a deal worth an estimated £12 million.

Mike Mathieson, the chief executive of Cake, and the rest of the senior team, including the creative director, Mark Whelan, will continue to run the agency as part of a five-year earn-out deal. Havas will back the launch of a Cake office in New York early next year.

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