12th Mar 2014 09:40
LONDON (Alliance News) - Media buying giant WPP PLC Wednesday said its marketing communications network Ogilvy & Mather has agreed to buy a majority stake in marketing services company Memac Ogilvy.
It didn't provide any financial details.
Memac Ogilvy, founded in Bahrain in 1984, operates throughout the Middle East and North Africa region, employing over 570 people in 14 offices. Ogilvy & Mather is already a minority shareholder. It customers include Coca-Cola, Arab Bank, IBM and American Express and it made revenues of USD80 million in 2013.
WPP shares were down 1% at 1,216 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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