29th Feb 2008 07:01
WPP Group PLC29 February 2008 FOR IMMEDIATE RELEASE 29 February 2008 WPP GROUP PLC ("WPP") WPP acquires majority stake in leading Middle East venture WPP announces that it has acquired a majority stake in Team Y&R Holdings, theholding company for a group of companies ("Team Group") in which WPP has held aminority stake since 1999 and which operates in the Middle East and NorthAfrica. Team Group operates through leading companies in the region, withoperating companies including Team Y&R, Asda'a, Intermarkets, Mediaedge:cia,Polaris and Wunderman. Team Group has significant operations in the United Arab Emirates, Saudi Arabia,Lebanon, Kuwait, Morocco, Jordan, Qatar and Oman and employs over 1,200 people.Major clients include Emaar, Etisalat, Ford, Microsoft, Sony Ericsson and Visa.Team Group's unaudited consolidated revenues for the year ended 31 December 2007were US$100 million, with gross assets at the same date of US$242 million. This investment continues WPP's strategy of developing its networks in fastgrowing markets and sectors. Contact:Feona McEwan, WPP +44 (0)20 7408 2204www.wpp.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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