WPP Acquires Assets of AKQA Holdings for Undisclosed Sum

Date : 06/20/2012 @ 8:05AM
Source : Dow Jones News
Stock : Wpp Plc ADS Each Representing Five Ordinary Shares (MM) (WPPGY)
Quote : 109.58  1.01 (0.93%) @ 4:01PM

WPP Acquires Assets of AKQA Holdings for Undisclosed Sum

WPP (LSE:WPP)
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LONDON--Advertising group WPP PLC (WPP.LN) said Wednesday that it has agreed to acquire the assets of AKQA Holdings Inc, a digital agency.

MAIN FACTS:

-AKQA currently employing 1160 people worldwide - from software engineers and technologists to creatives and strategists - the agency operates through offices in the U.S., Europe and Asia.

-The agency had gross assets of $282 million as at Dec. 31, 2011 and forecasts revenues of around $230 million in 2012, having achieved $189 million in 2011.

-AKQA will continue to operate as an independent and stand-alone brand within WPP and be led by founder and CEO Ajaz Ahmed and Chairman Tom Bedecarre.

-Tom will also become President of WPP Ventures, a new Silicon Valley-based company, which will explore new digital investment opportunities for WPP as a whole.

-Other appointments to the Board of WPP Ventures will be made in due course.

-WPP Shares at 1133 GMT, up 11 pence, or 1.43%, at 778 pence valuing the company at GBP9.67 billion.

-Write to Rory Gallivan at rory.gallivan@dowjones.com




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