Mark Penn’s private investment firm, Stagwell Group, is set to purchase SKDKnickerbocker, according to an article published on Politico.com.

The purchase price was not disclosed, but Stagwell has raised $250 million and may invest as much as $750 million, according to the article.

Bob Squier started the firm in 1968. It will continue to operate independently with the same managers.

Read the full article here.