Grey Group, the global communications network of Sir Martin Sorrell's advertising and media giant WPP, is to buy a majority stake in the Chinese communications agency, ArtM Communications.
ArtM was founded in 1999 and has offices in Beijing, Shanghai, Shenzen and Guangzhou. Employing around 180 people and with a client portfolio including Intel, Microsoft, TCL and China Mobile, the company provides advertising, branding, digital marketing, public relations, events, retail marketing, merchandising and channel promotion.
"This investment continues WPP's strategy of developing its services in fast-growing and important markets and sectors. Greater China - a region WPP has been committed to for over 20 years - remains one of the fastest growth markets for the company, currently WPP's third largest market with revenues of $1.3bn," WPP said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
WPP employs over 14,000 people (including associates) across Greater China.
Last year, ArtM generated revenues of 45m yuan (around £4.5m) with gross assets at December 31st 2011 of 157m yuan (£15.7m).
The acquisition is still subject to regulatory approval and has not yet been completed. No sale price was given.
Halifax: House prices rise for the second consecutive month
UK house prices rose again in November, suggesting a resilient property market amid economic turmoil in the past year- are we heading for a crash?
By Vaishali Varu Published
10 vinyl records worth up to £10,000 - is one in your collection?
News Vinyl is experiencing a resurgence and collectors will pay up to £10,000 for some albums - is it time to dust off your old records?
By Marc Shoffman Published