In the rarefied world of private equity, there is a well-known PR operator: Kekst & Co Inc. Founded in 1970, the firm has a sterling client list, which includes biggies like KKR. No doubt, it's a complex specialty, which requires a strong understanding of securities regulation and shareholder relations.

Well, Kekst is selling out to Publicis Group, which is a global advertising and marketing firm. The price tag was not disclosed.

Kekst has a storied past. For example, the firm was involved in the leveraged buyout of RJR (back in the late 1980s). Kekst is also advising Anheuser-Busch Companies Inc. (NYSE: BUD) on its fight against InBev.

With the slowdown in M&A and buyouts, might this be a bad time to sell? Perhaps so. But, then again, I'm sure that Kekst's founder, Gershon Kekst, wants some liquidity.

Besides, Publicis can provide a global platform. After all, there are likely to be many more cross-border M&A deals.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.