27th Mar 2014 10:27
LONDON (Alliance News) - WPP PLC said Thursday it will acquire a majority stake in Indian social media agency Social Wavelength via its wholly-owned operating company JWT.
Social Wavelength is head-quartered in Mumbai, and posted revenues of INR91.5 million for the year ended March 31, 2013, with gross assets at the same date of INR59.2 million.
WPP said this was its fifth acquisition in India in the last four years.
The acquisition is WPP's fourth this week. On Monday WPP acquired a majority stake in UK based digital technology consultancy Cognifide Ltd and Chinese premium and gift specialist Shanghai Egift Design and Production Co Ltd. On Tuesday WPP acquired Chinese marketing services company XMKT Group.
No financial details of the acquisition were disclosed.
Shares in WPP were trading up 0.3% at 1,206.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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