Innocean completes acquisition of Australia's Wellcom Group
SEOUL, AJU - Innocean Worldwide, a marketing communication unit of South Korea's Hyundai auto group, has completed the acquisition of Wellcom Group, a digital marketing solutions group headquartered in Australia. Through the acquisition, Innocean expanded its global network.
Innocean said Thursday that Wellcom was officially incorporated into Innocean's overseas subsidiary after the deal passed an Australian court review. Wellcom, which runs subsidiaries in the US, Europe and Asia, provides digital creative content production, social media strategies and digital marketing services for global companies.
Innocean said that based on its expanding network in the U.S. market, Wellcom can provide digital-based integrated services worldwide. Wellcom said earlier that the acquisition price would be $265.8 million, with chairman Wayne Sidwell retaining a 15 percent stake.