WPP, the world's second largest group of advertising companies, said on Friday its JWT agency is buying the owner of two Chinese promotional and merchandising companies, extending its reach in the high-growth country.
Subject to regulatory approval, WPP said it would buy 65 percent of Sapphire Bright Ltd, which owns Shanghai Always Marketing Services Co Ltd and Shanghai Power Force Marketing Services Co Ltd.
Financial terms of the deal were not disclosed. Their combined unaudited revenues were about $10.1 million in 2004. The two companies employ 250 people and count Unilever, Visa and Colgate among their clients, WPP said. They have offices in about two dozen locations in China, including Beijing, Chengdu and Shenzhen.
WPP also said in a separate announcement that its media buying network MediaCom has bought the outstanding 81 percent of MediaCom North Ltd, based in Manchester, for an undisclosed amount of money.
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