WPP, the FTSE 100 communications agency, is to buy a majority stake in impactasia, an independent public relations agency with an established network of offices in Greater China.
Clients of impactasia already include Rolls Royce, Guinness and the Mandarin Oriental Hotel Group.
impactasia's unaudited revenues to the end 2010 were approximately HKD 23.5 million/ (£1.94m), with gross assets at the same date of approximately HKD 12.8 million (£1.06m).
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 exact price paid for the controlling interest was not disclosed.
Greater China is already WPP's fourth largest market and the firm employs 13,000 people across the region.
BS
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
