MDC Partners Inc's (NASDAQ: MDCA) shareholders voted to approve the previously announced business combination of MDC with certain subsidiaries of Stagwell Media LP during a special meeting held earlier today.
The combined company will be renamed Stagwell Inc and will trade on the Nasdaq.
It was a unique opportunity to create a new marketing machine that can transform the industry and create enhanced opportunities for growth and value in the marketplace, MDC Partners CEO Mark Penn stated.
Stagwell Media will own 69% of the combined company, the Wall Street Journal reported. MDC shareholders will own 31% of the joint company.
The joint entity could generate about $2 billion in 2021 revenue and over $350 million in EBITDA. The transaction is likely to complete on Aug. 2.
Price action: MDCA shares traded higher by 7.96% at $6.10 on the last check Monday.
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.