Media giant WPP has purchased a majority stake in a newly incorporated Jordanian company which will acquire the assets of marketing communications firm IDEA.
JWT, WPP's advertising and communications division, has been an affiliate with IDEA for the last seven years. After WPP buys a 51% interest in the new company, IDEA will then be renamed JWT Jordan. No financial information regarding to acquisition was given.
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"This investment continues WPP's strategy of developing its services in fast-growing markets and sectors. WPP companies (including associates) employ 3,500 people in the Middle East generating revenues of nearly US$400 million," the statement read.
This is WPP's third acquisition in three days and its seventh already in 2012.
Yesterday, WPP, led by Sir Martin Sorrell, announced that it would buy a majority stake in 41?29!, an independent digital communications agency in Istanbul.
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