Public Policy Holding Company Inc - Washington DC-based group of advisory firms specialising in government affairs and public relations - Buys Pagefield Communications Ltd, a London-based strategic communications and cross-party public affairs advisory firm, for an initial £16.2 million. Explains the acquisition is in line with the group’s growth strategy of considered M&A into key geographies and industry/policy specialisations. Believes significant revenue and profit synergy potential exists via the referral to and from the existing group, which has over 1,200 clients. Deal to be funded partly in cash, £15.1 million, with the balance by the issue of new shares. Further earn-out payments are contingent on Pagefield achieving profit growth targets. Expects the acquisition to be accretive to underlying earnings per share.

Current stock price: 124.88 pence, down 0.5% in London on Friday

12-month change: down 6.5%

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