Advertising conglomerate WPP has added independent Singapore public relations firm XPR to its ever growing empire.
The firm said Cohn & Wolfe, its own public relations group, had agreed to acquire a majority stake in XPR, which has offices in Singapore, Malaysia and Indonesia for an undisclosed sum.
The announcement comes just a day after WPP announced it had taken a controlling stake in Mind Resource Healthcare Consulting, an independent healthcare communications agency in Hong Kong.
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
XPR employs 28 people and clients include Groupon, SingTel, BMW Asia, Salesforce.com and Motorola Mobility, WPP said.
Last year XPR pulled in S$1.4m and had gross assets at the end of 2010 of approximately S$600,000.
"This investment continues WPP's strategy of developing its services in fast-growing and important markets and sectors and strengthening its capabilities in digital media," WPP said.
"WPP's businesses in the Asia Pacific region generate revenues of over $4bn (including associates) and employ approximately 42,000 people," it added.
-
'As AGMs go digital, firms must offer a new form of scrutiny for shareholders'Opinion Technology has rendered big AGM meet-ups obsolete, but the board still needs to be held to account, says Matthew Lynn
-
Nationwide cuts rates on 16 popular savings accountsNationwide Building Society says the move is due to the February Bank of England base rate reduction
