Hill, Holliday Being Acquired by Interpublic

Hill, Holliday, Connors, Cosmopulos, which includes a new media component, agreed to be acquired by Interpublic Group of Cos.

Hill, Holliday is a midsized agency that specializes in clients in fields like financial services, health care, and technology.

Hill, Holliday has more than 600 employees at offices in Boston; Fort Lauderdale, FL; Framingham, MA, and New York, according to the New York Times.

Billings are estimated at $600 million, for advertisers like BankBoston Corp., Bay Networks Inc., the Fidelity Investments unit of FMR Corp., Gillette Co., John Hancock Mutual Life Insurance Co., and Harvard Pilgrim Health Care.

Interpublic is acquiring Hill, Holliday in a pooling-of-interests stock transaction, terms of which were not disclosed. Jack Connors Jr., who was one of four founders of the agency in 1968 and is chairman and chief executive, was quoted as saying that a group of 12 executives, whom he identified as “the next generation” of Hill, Holliday’s leadership, would share in the proceeds of the sale.

Connors, 55, plans to remain at the helm of the agency for a minimum of five years. Hill, Holliday will operate as an autonomous unit of Interpublic, reporting to Philip Geier Jr., that company’s chairman and chief executive, the Times said.