Benzinga | Jul 26, 2021 01:45PM EDT

MDC Partners' Shareholders Ratify Stagwell Merger

* MDC Partners Inc's (NASDAQ:MDCA) shareholders voted to approve the previously announced business combination of MDC with certain subsidiaries of Stagwell Media LP during a special meeting held earlier today.

* The combined company will be renamed Stagwell Inc and will trade on the Nasdaq.

* It was a unique opportunity to create a new marketing machine that can transform the industry and create enhanced opportunities for growth and value in the marketplace, MDC Partners CEO Mark Penn stated.

* Stagwell Media will own 69% of the combined company, the Wall Street Journal reported. MDC shareholders will own 31% of the joint company.

* The joint entity could generate about $2 billion in 2021 revenue and over $350 million in EBITDA. The transaction is likely to complete on Aug. 2.

* Price action: MDCA shares traded higher by 7.96% at $6.10 on the last check Monday.