LONDON (ShareCast) - (Sharecast News) - Communications company M&C Saatchi revealed on Tuesday that it has strengthened its presence and credentials in the Middle East, its fastest-growing region, with the acquisition of sports agency Dune 23.
M&C Saatchi has agreed to acquire Dune 23 Sport & Entertainment Sports Events Marketing, an award-winning sports agency in Dubai and Abu Dhabi, as a strategic bolt-on acquisition and will integrate the firm with its fast-growing UAE business.

The AIM-listed firm noted that its further expansion into the Middle East was driven by increasing demand from clients and growth opportunities, complementing its already bolstered presence in a region that was "fast becoming one of the world's leading hubs for sport and entertainment".

M&C Saatchi added that the bolt-on acquisition was in line with its growth strategy and capital allocation policy and will be funded by available cash on its balance sheet. The acquisition was expected to close "in the coming weeks", subject to satisfaction of customary conditions.

As of 0950 BST, M&C shares were up 1.13% at 170.40p.





Reporting by Iain Gilbert at Sharecast.com

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