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Interpublic to buy Acxiom marketing unit for $2.3 billion

Interpublic Group of Cos. IPG, -1.75% has agreed to pay Acxiom Corp. ACXM, +14.22% $2.three billion in cash for its marketing solutions industry, the corporations said late Monday. Acxiom said it deliberate to make use of the proceeds from the sale to pay down debt and extend its inventory buyback program. Acxiom inventory gained 16% after hours, and closed up 14% to $34.21 throughout the common consultation. Interpublic inventory was flat in after hours trading and closed down $1.eight% to $23.03 throughout common trading. Acxiom stocks have gained 24% this yr, because the S&P 500 index SPX, +zero.31% rose 2%. Once the sale is whole Acxiom plans to rename the company "LiveRamp" and start trading under the ticker RAMP.