Aegis had been in talks to buy IMS in 1999, but these discussions collapsed and the two went on to clash in court over the $125m (£79.6m) New Line Cinema account.
The case was first brought in April 2001 when IMS lost the New Line Cinema account to Aegis-owned Carat.
IMS argued that Carat used confidential information gained during the earlier merger talks to win the account. The pair had signed an agreement that stopped Carat USA from soliciting the New York-based IMS's clients. Carat argued it had been invited to pitch and had not solicited the business.
Aegis lost the case and was ordered to pay $7m in damages, a sum only slightly less than the $7.35 it is now paying to acquire the firm.
Aegis had been in the process of appealing the case and, when it began its appeal in October, it said that there were "strong grounds for appeal based upon several erroneous rulings made by the court".
As part of the acquisition agreement, Aegis and IMS have abandoned the judgment and the order to pay IMS $7m in damages.
IMS is a specialist media buying firm focusing on the entertainment sector, and specifically film, television, cable television, newspapers and the arts. The agency has offices in Los Angeles and New York.
The acquisition is one of a number Aegis has made, as chief executive Doug Flynn continues the group's strategy of strengthening the independent as a global player.
Earlier this week, Aegis was reported to be looking at bidding for the European arm of US market research firm NFO WorldGroup, owned by the Interpublic Group of Companies.
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