The most-used cheque-book in the City got another outing on Tuesday as acquisitive advertising conglomerate WPP strengthened its presence in Brazil.
The group has acquired a 70% stake in Foster Informatica, a digital agency based in So Paulo, Brazil. The agency employs 50 people and numbers Monsanto, Bayer, Metro, Danone and Goodyear among its clients.
Foster's unaudited revenues for 2011 were R$5.0m, with gross assets at the end of 2011 of R$4.1m.
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
Brazil is WPP's eighth largest market in terms of revenue, and the group is keen to expand its presence in this fast growing market. At the same time it is intent on increasing the proportion of revenue it derives from digital media, so the Foster Informatica acquisition ticks two boxes for the group.
WPP's digital revenues currently total around $4.8bn, representing over 30% of the group's total revenue of $16bn, and WPP has set a target of increasing this to 35-40% over the next five years.
JH
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
