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Stagwell Closes Acquisition of Digital Transformation Specialist Instrument.

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MANews-(C)2009-2022

US-based marketing and communications group Stagwell Inc. (NASDAQ: STGW) has acquired the remaining 49% of US-based digital brand and experience innovation company Instrument, the group said.

Founded in Portland, Oregon, Instrument is one of Stagwell's fastest growing agencies and employs over 400 people working on clients including Nike, Google, Salesforce and Epic Games.

Stagwell's predecessor company, MDC Partners, had acquired 51% of Instrument in 2018.

Stagwell said its additional investment in Instrument fully aligns Stagwell with one of its fastest-growing businesses, provides for easier-to-scale digital operations and creates greater certainty for investors through full-ownership.

The deal includes a fixed payment amount spread across a three-year term, split between cash and stock in STGW. This mutually beneficial structure provides Instrument's management with appropriate incentives for their efforts and creates significant shareholder...

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