LONDON (Alliance News) - Advertising giant WPP PLC Tuesday said that it will acquire China-based digital advertising and media agency IM2.0.
The world's largest advertising agency said that its digital marketing company VML, which is part of the Y&R network, said that it will be buying the IM2.0 as part of its strategy to expand its networks in fast-growth and important markets and sectors.
The deal is still subject to regulatory approval.
IM2.0's client portfolio includes Dell, adidas, Mondelez, China Merchant Bank and Haier.
WPP recently raised its growth targets from 35-40% for each of fast-growth markets and new media to at least 40-45% over the next five years.
The company did not provide any financial details of the acquisition.
WPP shares were up 2.1% Tuesday morning, trading at 1,268.00 per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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