WPP, the media and advertising giant led by frontman Sir Martin Sorrell, wants to buy up the remaining stake in Turkish agency Manajans Thompson Reklam Isleri.
The acquisition, subject to regulatory approval, will see WPP increase its current minority interest - held since 1985 - to 100% following completion. The purchase will be made through WPP's wholly-owned marketing communications division JWT.
Manajans, founded in 1944, is based in Istanbul and employs around 70 people. Its clients include Bayer, Nokia, Shell, Turkcell and Ulker. It generated 8.0m Turkish lira (£2.85m) in revenues in 2011.
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WPP said: "This investment continues WPP's strategy of investing in fast growing markets and sectors, such as the Next 11 (which includes Turkey) where WPP employs 10,000 people and generates revenues (including associates) of around $800m."
The group already employs nearly 1,000 people in Turkey, where it generates annual sales of around $100m.
BC
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