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.
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
"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.
BC
-
UK to have highest inflation among advanced economies this year and next, says IMFThe International Monetary Fund (IMF) says it expects inflation to remain high in the UK, while lowering economic growth forecasts for 2026.
-
Park Plaza: the perfect calm in AmsterdamEnjoy a peaceful stay in the vibrant and largest city of the Netherlands - and why the Park Plaza, Vondelpark, could be the perfect stop for anyone looking for a bit of calm while still able to enjoy all that Amsterdam has to offer.
