WPP acquires second Brazilian agency in two days

WPP-owned global interactive marketing agency Possible Worldwide has acquired a 70% stake in Brazilian digital agency Gringo, for an undisclosed sum.

Gringo: WPP acquires 70% stake in Brazilian digital agency
Gringo: WPP acquires 70% stake in Brazilian digital agency

Gringo employs 65 people in Sao Paulo and services clients including Coca-Cola, Absolut Vodka and Microsoft, and was founded in 2006. Revenues for the year ended 31 December 2010 were R$10.4m (£4m).

Yesterday WPP acquired a 70% stake in the Brazilian independent digital agency F.biz.

The move to acquire agencies in Brazil is part of advertising giant’s strategy to expand its capabilities in digital, direct and interactive disciplines to strengthen its presence in faster growing markets.

Brazil is now WPP’s eighth-largest market, employing more 4,500 people and generating over R$1.1bn (£427m).

Brazil will host the 2014 World Cup and the 2016 Olympics, and is also attracting interest from Publicis Groupe, which swooped on three local agencies in April, including Tailor Made.

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