WPP acquires remaining shares of three Columbian agencies

WPP's wholly-owned companies Grey, G2 Worldwide and MediaCom have acquired the outstanding shares of three Columbian agencies.

Advertising agency network Grey has purchased the remaining shares in ad business REP/Grey.

That along with digital marketing company G2 Worldwide which invested in REP/G2 and MediaCom which bought the remaining stake in media agency Massive.

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"These three investments further strengthen WPP's leadership position and commitment to the Colombian communications services industry," the FTSE 100 media company said in a statement.

The group said it expects revenues of $110m collectively from its companies in Columbia which also include JWT, Ogilvy, Young & Rubicam, Wunderman, OgilvyOne, Burson-Marsteller, Live, Energy, TNS, Kantar Worldpanel, Millward Brown and IBOPE.

WPP has also invested $ 70m for a 20% stake in Buenos Aires-based Globant S.A and its wholly owned subsidiary Wunderman acquired Mexico City-based Crossmedia S.A.

The media group has forecast growth in the Latin American market ahead of the FIFA World Cup in Brazil in 2014 and the Olympics in Rio in 2016.

The company said it would collectively, including associates, have revenues over $1.6 bn and will employ more than 18,000 people in the Latin American region in 2013.

Shares fell 0.06% to 908.00p at 15:40 Wednesday.

RD