Alan Kelly's brother in for major payday as Teneo looks to float

Reports Declan Kelly's company will hit the stock market with a valuation of as much as $1 billion...

Alan Kelly's brother in for major payday as Teneo looks to float

The Clintons have had close ties to both Teneo and Declan Kelly. Image: Carolyn Kaster / AP/Press Association Images

Declan Kelly, the brother of Labour TD Alan Kelly, could be in for a significant windfall as his business looks at a gigantic IPO.

According to the Wall Street Journal, Teneo is planning a stock market flotation valued at up to $1 billion.

The former Irish Examiner journalist set up the global business advisory group with two others in the US a mere five years ago.

It now has offices in many of the world's major cities and employs close to 600 people.

Its stated aim is to partner exclusively with the chief executives and senior leadership teams of many of the world’s largest and most complex organisations, and counts Coca-Cola, FIFA and Standard Chartered Bank amongst its clients.

Last year, it effectively doubled in size by acquiring two London-based communications agencies, Blue Rubicon and Stockwell, and this summer it announced the takeover of Dublin-based PSG Communications, a PR and sports sponsorship agency with 55 staff.

As the Wall Street Journal notes, Teneo has benefitted from Kelly's close ties with both Bill and Hillary Clinton. 

The latter appointed him as an Economic Envoy to Northern Ireland in 2009 when she was US Secretary of State, while Tony Blair and Bill were paid advisors to Teneo at one stage.

The Clintons cut their connections to Teneo in 2012 but a subsequent US Senate Judicial Committee did investigate whether the company had been inappropriately close to their camp.