12th Jun 2014 15:30
LONDON (Alliance News) - Media buying giant WPP PLC Thursday said its wholly-owned operating company Grey, a global marketing communications agency, has agreed to acquire a majority stake in Circus Peru SA, the largest independent advertising agency in Peru.
The company did not provide any financial details of the deal.
WPP said Circus had revenue of PEN34 million in 2013, with net assets of PEN9.0 million, and its clients include Grupo Credito, Grupo Falabella, Claro and San Fernando.
WPP said the new investment continues its strategy of investing in quickly growing markets, which represented over 30% of its USD17.3 billion revenues in 2013. It plans to bring these figures up to 40% to 45% of its revenues in the next five years.
Other WPP companies active in Peru include Young & Rubicam, Ogilvy & Mather, GroupM and IBOPE.
WPP shares were up 0.3% to 1,308.00 pence late Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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