The World: Sydney - WPP purchases The Communications Group

WPP has acquired the Australian holding company The Communications Group for £38 million, ending the protracted courtship of the media group by both WPP and Omnicom.

The company includes the iconic Australian agency George Patterson Partners, the outdoor specialist Media Puzzle and the retail agency Ideaworks. WPP already held a 30 per cent share in the group from its acquisition of Cordiant Communications in 2003.

Pacific Equity Partners, an Australian private equity group that owned the majority of the shares, hoped to drive up the price as WPP and Omnicom tried to outbid each other, but the latter pulled out of negotiations.