WPP buys stake in Finnish communications agency
WPP, the media titan headed by Sir Martin Sorrell, has already made its fourth acquisition of 2012 with the purchase of a majority equity stake in Finnish communications agency Viestintätoimisto Pohjoisranta Oy (Pohjoisranta)
WPP, the media titan headed by Sir Martin Sorrell, has already made its fourth acquisition of 2012 with the purchase of a majority equity stake in Finnish communications agency Viestinttoimisto Pohjoisranta Oy (Pohjoisranta)
The Helsinki-based firm has been an exclusive affiliate partner in Finland to WPP's public relations and public affairs division, Burson-Marsteller, since 2006. It will now join the WPP network as Pohjoisranta Burson-Marsteller.
Pohjoisranta, which employs 40 people, generated €5.1 in revenue in 2011, with gross assets at the end of the year of €1.8m.
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"This acquisition continues WPP's strategy of investing in important markets and sectors. WPP businesses in Scandinavia, including associates, generate revenues of over US$500 million and employ nearly 3000 people," WPP said.
No financial information related to the transaction was given, nor was any information regarding the size of the "majority stake".
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