Photon Group: We’re not talking to anyone about a sale

Tim Burrowes

April 7, 2009 5:24

The Photon Group has issued a strong rebuttal to suggestions from a mergers and acquisitions specialist that the company is a takeover target.

Meger Market, a site that describes itself as an M&A intelligence service, has listed Photon – parent company of agencies including BMF, BWM, Naked Communications, Bellamy Hayden, AdPartners, Frank PR and City PR – as a “potential target”.

In a rundown on potential Australian equity deals, Merger Market says: “It has been reported that although chairman Tim Hughes has denied any discussions, private equity could be interested in buying Photon Group. Hughes is believed to have met with private equity executives to talk about selling some or all of Photon.”

Despite its strong portfolio of companies, Photon shares – listed on the Australian Stock Exchange as PGA – are languishing below a dollar, valuing the company below $100m. In February, Photon said that it had made an underlying net profit of $9.5m in its half yearly results.

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Tim Burrowes

Tim Burrowes is the publisher of Mumbrella and Unmade. He co-founded Mumbrella in 2008 and sister title Unmade in 2021. He's worked in the UK, Middle East, Asia & Australia and has specialised in writing about the communications world for the last 25 years. He wrote the book Media Unmade, published in 2021, and became the presenter of MediaLand on ABC Radio National in 2025.