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Publicis Buys Sapient for $3.7 Billion in Digital Ad Push

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Publicis Groupe SA, agreed to pay $3.7 billion for Sapient Corp., pushing the third-largest advertising company deeper into digital offerings and the U.S. as it moves past a failed merger with Omnicom Group Inc.

Sapient stockholders will receive $25 in cash for each share, the companies said today, a 44 percent premium to Sapient’s Oct. 31 close in New York. Publicis is paying 19.2 times Sapient’s earnings before interest, taxes, depreciation and amortization. That compares with a multiple of 14.5 times for similar targets over the past five years, according to data compiled by Bloomberg.