An agreement has not yet been reached, but the two parties are thought to be in advanced conversations, with some sources indicating that a deal could be concluded as early as next month.
Lowe kicked off talks with Creston earlier this year, but the parties are understood to have struggled to reach an agreement on price. The agency has since looked at alternative options, including the possibility of recruiting and building a new management team. It has also talked to a number of other independent agencies.
If a deal with Creston is agreed, the acquisition would mark the end of a year-long search by Lowe Worldwide’s chief executive, Michael Wall.
In October, Lowe merged with its fellow Interpublic Group agency Deutsch in the US.
Creston bought DLKW in March 2005 in a deal worth up to £38.2 million. The original partners completed their earn-outs in April 2008. Less than a year later, Mark Lund, the chief executive, departed to join COI. DLKW is now run by the joint chief executives, Tom Knox and Richard Warren, and the chairman, Greg Delaney.
Lowe and Creston declined to comment.
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