Australia’s Photon Group has acquired London-based media planner Naked Communications for an initial payment of $33.1 million (A$36.7 million) in cash. Future payouts are contingent on Naked hitting a set of agreed upon performance targets. The purchase will expand Photon’s presence to 17 countries, as Naked has offices in the U.S., Japan, Germany, The Netherlands, France and Norway. Photon includes digital creative and internet marketing as part of its specialties. Last month, the Sydney-based company bought U.S-based search engine and online ad shop Findology Interactive Media for an initial cash payment of $17.3 million (A$19.25 million) and 516,590 Photon shares plus deferred payments tied to performance targets. Both down-payments to Naked and Findology were made from Photon’s existing acquisition debt facility. Release (pdf)