LONDON (Alliance News) - WPP PLC Thursday said it has acquired a majority stake in a Brazilian digital branded-content and public-relations company Ideal Group.
The FTSE 100 advertising and branding company said it has acquired a majority stake, which it did not reveal, in digital content company Agência Ideal Comunicação Ltda and PR firm Concept Agência de Comunicação Ltd, together known as Ideal Group.
"This investment continues WPP's strategy of investing in fast growing sectors such as digital and its commitment to developing its strategic networks throughout Latin America, while bolstering the group's leadership position in Brazil," said WPP.
The company did not reveal any financial details of the deal.
The digital content firm currently has clients including Facebook, GE, Nike, Monsanto, Diageo, Dell, Goodyear, Spotify, AstraZeneca, 3M, Rio2016 and Whirlpool. WPP said it will merge the company with its wholly owned international communications consultancy subsidiary, H+K Strategies, to form a new company called Ideal H+K Strategies.
The PR firm currently has clients including "top Brazilian and global brands" such as Mondelez, Oakley, Itaú, JBS, Ultragaz and Metrô São Paulo. WPP will merge the firm with its wholly-owned Brazilian operating company, Ogilvy Public Relations, to create a new company called Ogilvy PR.
Collectively, Ideal Group employs around 200 people and is based in Sao Paulo with another office in Rio de Janeiro, and was founded back in 2007.
WPP shares were down 0.4% to 1,368.0 pence per share on Thursday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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