Global marketing and corporate communications holding company, Omnicom Group, has completed its US$835m acquisition of Flywheel Digital, the digital commerce arm of Ascential.

The terms of the acquisition, which were initially announced on 30 October 2023, have now been finalised. The net cash purchase price for the acquisition of US$835 million has been financed with about one-third cash and two-thirds new debt.

John Wren, Chairman and CEO of Omnicom, expressed his excitement about the acquisition. "We are thrilled to cross the finish line and officially welcome everyone at Flywheel to Omnicom," he said.

"Flywheel's best-in-class solutions are a game changer for our clients whose demand for digital commerce and retail media solutions continues to grow. When combined with our well-established offerings in commerce, media and precision marketing, we now have end-to-end services that outpace the competition."

Flywheel, which generated a revenue of approximately $300 million for the 12 months ended June 30, 2023, will now operate as a Practice Area within Omnicom. The company will be led by Duncan Painter, who previously served as the CEO of Ascential.

Painter is optimistic about the future of Flywheel under Omnicom.

"Joining the Omnicom network takes our organisation to the next level. We can scale faster, leverage relationships, and combine data and technology efforts," he said.

"We look forward to the unique offering created as we connect complementary data from Flywheel Commerce Cloud and Omni. The combination gives our clients an unmatched view of complex digital marketplaces and offers them new ways to automate, optimise, and measure their digital commerce and media spend."

Omnicom anticipates a revenue upside through organic growth and the leveraging of Flywheel solutions with its existing client base. The company also expects the transaction to be accretive to diluted EPS by Q4 2024 and thereafter.