Acquisitive advertising conglomerate WPP has announced that XM Asia, a division of WPP's wholly-owned operating company, JWT, has agreed to acquire a stake in Magnivate, a leading digital agency in Indonesia.
Magnivate, which was founded in 2010, has clients which include Danone, Samsung and Unilever.
The agency's unaudited revenues for the year ended December 31st 2011 were around IDR 16bn (c.£1.1m), with gross assets at the same date at about IDR 7 bn (c.£0.49m)
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm also announced that its wholly-owned operating company, tenthavenue, in partnership with GroupM, has agreed to acquire Wisereach, a leading mobile marketing agency in China.
WPP's businesses in the Asia Pacific region now generate annual revenues of over $4bn, while Greater China is currently WPP's fourth largest market with revenues of $1.1bn.
NR
-
8 of the best properties for sale for around £1 millionThe best properties for sale for around £1 million – from a Grade II-listed former watermill in Torpoint, Cornwall, to a two-bedroom apartment close to London’s Kensington High Street
-
Inheritance tax reforms: government urged to rethink curbs on rural reliefsMPs want the government to delay changes to inheritance rax reliefs for farmers
