16th Jun 2015 08:13
LONDON (Alliance News) - Media buying giant WPP PLC said Tuesday it has agreed to acquire a "significant" minority stake in German independent agent Hirschen Group GmbH subject to regulatory approval.
Following the acquisition of the minority stake, Hirschen will partner with WPP's agency J Walter Thompson Co, WPP said. The existing team will continue to manage Hirschen, and it will maintain its independent positioning.
Hirschen posted revenue of EUR37.3 million for 2014, and had gross assets of EUR17.0 million at the end of 2014.
Shares in WPP were trading down 0.8% at 1,453.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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