Advertising titan WPP, led by Sir Martin Sorrell, has acquired a 49% stake in Chinese peer Nanjing Yindu Advertising and Commerco Co for an undisclosed sum.
The acquisition was made through WPP's advertising and marketing business Ogilvy & Mather and expands this unit's reach into the "crucial" region of Yangtza River Delta.
"In strengthening Ogilvy's offering, as it does, in second-tier cities this initiative underlines WPP's regional approach in China, not confined to the coastal region," the statement said.
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Yindu, which employs 250 people, had gross assets of RMB57.8m at 31 December 2010 and had reported billings for 2010 of RMB428.5m.
China, one of the fastest growth markets for WPP, is the firm's fourth largest market with revenues of $1.1bn.
BC
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