16th May 2007 10:55
WPP Group PLC16 May 2007 FOR IMMEDIATE RELEASE 16 May 2007 WPP GROUP PLC ("WPP") Network Limited to merge with Media Puzzle in Australia WPP announces that Network Limited (ASX "NWK"), a listed outdoor mediaspecialist in Australia, has conditionally agreed to acquire the 55% stake heldby WPP in Media Puzzle Pty Ltd together with the remaining 45% held bymanagement, in consideration for the issue to WPP of 119,000,000 ordinary sharesin NWK representing 32% of NWK's ordinary share capital. NWK will seekshareholder approval for the transaction at their forthcoming EGM. Media Puzzle reported revenues of A$16.8 million for the year ended 31 December2006 and had gross assets of A$13.5 million at that date. On a proforma basisfor the year ended 31 December 2006, the enlarged company had revenues ofA$51.2million and gross assets of A$57.8million. The merger of NWK with Media Puzzle, which owns various forms of outdoor retailadvertising signage, will create an enlarged company employing 88 people. Withoffices in Sydney, Melbourne, Brisbane and Adelaide, the enlarged company willhave a significantly enhanced position in the fast growing outdoor advertisingmarket in Australia. Contact: Feona McEwan, WPP London +44 (0)20 7408 2204 www.wpp.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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