Critics had said that Chime was paying too much for the company -拢14.5m will be paid upfront with a further 拢15.5m to be paid after the completion of set targets.
Chairman Lord Bell has argued against criticism, saying that VCCP's split between advertising, around 50% of its revenue, and other marketing services, make it a valuable addition to Chime's group of agencies.
Following the shareholders' approval at an extraordinary general meeting today, Lord Bell said: "We are delighted to have completed this acquisition and are particularly pleased to confirm that, since we announced this transaction, VCCP has won the advertising for Gala Bingo, a branding strategy for the Newspaper Marketing Association, the promotion of the Chelsea sponsorship for Samsung and the direct marketing for More Than and Callaway Golf Equipment."
The deal will be finalised when 45.8m new shares in Chime are issued to trade on the London Stock Exchange, expected to take place tomorrow. WPP subsidiary WPP North Atlantic has agreed to buy 11.5m of these shares in a 拢5.1m deal, to fund the VCCP acquisition.
Shares in Chime were trading at 26p this afternoon, up by 0.5p from this morning's opening, an increase of almost 2%.
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