McKinsey & Company acquires VLT Labs

McKinsey & Company has acquired the assets and talents of VLT Labs, a subsidiary of VLT Group. In a letter to clients, the independent agency said the sale to McKinsey is "both a validation of [its] beliefs, values and results-driven model", and a chance to carry on the journey on a global stage.

In a statement to A+M, Warren Tan, chairman of VLT Group, said Andrew Tan and Izwan Ismail, directors at VLT Labs, will join McKinsey. There will be no key personnel changes at VLT Group. Tan declined to comment on the value of the acquisition.

The deal not only represents "incredible" value to its shareholders, but also allows VLT Group to accelerate its plans to grow its core business, with its expansion into Cambodia led by CEO Adrian Lim being the start, the letter read. It added that the agency is in the "final stages" of acquiring a few regional firms which will boost its capabilities.

VLT Group will retain its brand, clients and equity stakes in various investments and startups including Supahands, and co-working space The Co. The agency's service offerings will also remain.

(Read also: The Independents: VLT by Warren Tan)