WPP takes full ownership of Columbian agencies
WPP has taken full ownership of the Columbian agencies REP/Grey, REP/G2 and Massive, as part of its strategy of investing in fast-growing geographic markets.
The wholly-owned WPP companies Grey, G2 Worldwide and MediaCom have bought the remaining share in ad agency REP/Grey, digital marketing agency REP/G2 and media-buying firm Massive respectively, for an undisclosed sum.
The companies were part of the Grey Global Group which WPP bought it in 2005.
When asked what proportion of the three businesses WPP had left to buy and what the deal valued the businesses at, a spokesman for WPP declined to comment on the terms of the deal.
In a statement, WPP said the investments "further strengthen WPP’s position and commitment to the Colombian communications services industry". Other WPP agencies in the country include JWT, Ogilvy, Y&R and Wunderman.
Last week WPP invested $70m in a 20% stake in Buenos Aires-based technology services provider Globant, which Sir Martin Sorrell, chief executive of WPP, said would make "digital marketing efforts more effective and simpler to manage".
Other recent investments in the region include WPP network Wunderman buying the Mexico City-based digital marketing agency Crossmedia in December last year.
This article was first published on campaignlive.co.uk