Omnicom Group Inc. (NYSE:OMC) entered into an agreement to acquire Flywheel Digital LLC from Ascential Financing Limited for approximately $900 million on October 30, 2023. The Board intends to return a significant portion of the proceeds of the Transactions to Ascential shareholders. The 1/3rd of the consideration was funded using cash on hand and the 2/3rd of the consideration was funded using new debt. Flywheel will operate as a Practice Area within Omnicom and will be led by Duncan Painter who currently serves as Chief Executive Officer of Ascential. As of October 30, 2023, Flywheel Digital reported the revenue of approximately $274.6 million, EBITDA of approximately $25.5 million and the total assets of approximately $1.2 billion for the period ended December 31, 2022. The transaction is subject to Ascential shareholder approval, regulatory approvals, and customary closing conditions. As of December 18, 2023, Ascential plc announce that each of the interconditional ordinary resolutions approving the Digital Commerce Sale was duly passed by the requisite majority of the Ascential's shareholders. 98.63% of shareholders voted in favor of sale and 1.37% of shareholders voted against the sale. The acquisition is expected to close in the first quarter of 2024. The transactions remain on course to complete early in Q1 2024. Moelis & Company LLC acted ad financial advisor and Bradley C. Faris, Jason Morelli, Sam Newhouse and Anna Ngo of Latham & Watkins LLP acted as legal advisor Omnicom Group Inc. JPMorgan Chase & Co., Numis Securities Limited and Rothschild & Co US Inc. acted as financial advisor and Slaughter and May, Fried, Frank, Harris, Shriver & Jacobson LLP and Travers Smith LLP acted as legal advisor to Ascential Financing Limited. BofA Securities acted as a financial advisor to Ascential Financing Limited.

Omnicom Group Inc. (NYSE:OMC) completed the acquisition of Flywheel Digital LLC from Ascential Financing Limited for approximately $850 million on January 2, 2024.