February 15, 2017 / 3:22 PM / a year ago

Goldman to invest $95 mln in ad firm MDC Partners

Feb 15 (Reuters) - Advertising and communications company MDC Partners Inc said on Wednesday Goldman Sachs Group Inc would invest $95 million and would get a seat on its board.

Shares of MDC Partners were up about 30 percent at $8.80 in morning trading.

In November, MDC Partners said it had hired an adviser to evaluate its capital structure strategy

As of Sept. 30, the company had total liabilities of $2.09 billion and total assets of $1.6 billion.

On completion of the Goldman investment, which is expected to close in the first quarter of 2017, the bank will own about 15 percent of MDC.

Bradley Gross, a managing director in the merchant banking division of Goldman Sachs, will join MDC’s board after the close of the transaction, increasing the size to seven members.

Proceeds from the investment will be used to pay down existing debt, MDC said. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)

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