Stagwell (STGW) announced it has reached an agreement to sell its integrated healthcare marketing agency and pharmaceutical commercialization platform ConcentricLife to Accenture Song, the tech-powered creative group of Accenture (ACN), for $245M in cash. “This disposition is consistent with our strategy of organizing our portfolio to focus on core digital services, including AI-based digital transformation; strengthening our balance sheet; and investing in our future,” said Mark Penn, Chairman and CEO Stagwell. “We believe Accenture Song will be a good home for ConcentricLife, consistent with their focus on growing presence in the healthcare and life sciences industry. We wish Ken and the leadership team the best in their new home.” Completion of the transaction is subject to regulatory clearance and other customary closing conditions. Fairmount Partners is serving as the financial advisor to Stagwell for this transaction.
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