WPP announces that its wholly-owned marketing communications network, Ogilvy & Mather, is planning to acquire a majority stake in Memac Ogilvy, a marketing services company covering markets throughout the Middle East and North Africa (MENA) region. The two businesses have been associated together since 1986 and Ogilvy & Mather has been a minority shareholder since 1998. Memac Ogilvy serves over 150 brands including Coca-Cola and American Express, and employs over 570 people. Its consolidated unaudited revenues for 2013 were $80m, with gross assets of $42.7m at the year-end. "This investment continues WPP's strategy of developing its services in fast-growing markets and sectors," a company statement read. The FTSE 100 company generates revenues of $400m in the MENA region, where it employs around 3,500 people. NR