Burson-Marsteller acquires Genesis PR

Global public relations firm Burson-Marsteller has acquired the entire stake in Genesis Public Relations for an undisclosed amount.

According to Ashwani Singla, CEO, Genesis, "This is tremendous news for both Burson-Marsteller and Genesis. I am unable to disclose the deal size as Genesis is a closely held company. All I can say is that the valuation has been fair."

Before the deal, nearly the entire stake in Genesis was held by its founder Prema Sagar, with Singla and other key people in the management holding a minority stake.

"There will be no change in the management post acquisition. Prema and I will continue to do what we are doing," said Singla.

The deal, which was concluded yesterday, will seek the approval of the Foreign Investment Promotion Board (FIPB) soon. However company sources said that Genesis has already sought FIPB approval.

"This is one of the most significant milestones in the Burson-Marsteller's 53 year history," said Harold Burson, founding chairman of Burson Marsteller.

After regulatory approvals, the Indian company will be renamed Genesis Burson-Marsteller and will be integrated within the Burson-Marsteller Asia Pacific regional network. According to a company statement, both Prema Sagar and Singla will join Burson-Marsteller's Asia Pacific leadership board.

"Genesis is the clear leader in India in terms of talent, thought leadership, geographic reach and reputation," said Bill Rylance, CEO & president - Asia Pacific, Burson-Marsteller.

Going by headcount, India and China now represent Burson-Marsteller's second and third largest markets worldwide.

"However, it is the quality of that talent more than the quantity which really excites us. The collective zeal to learn and grow in India "� as in all of our vibrant Asia Pacific offices "� is a constant source of inspiration and innovation for our company. It all points to a very bright future,"