LONDON (Alliance News) - Media buying giant WPP PLC said Friday that its Scangroup Ltd subsidiary has acquired a majority stake in South Africa-based marketing group EXP, subject to regulatory approvals.
EXP posted revenues of over ZAR200 million in 2013, with audited gross assets of around ZAR244 million. EXP has a presence in 12 countries across sub-Saharan Africa, and employs over 1,700 people, WPP said.
WPP did not provide financial details of the transaction.
Shares in WPP were trading up 0.4% at 1,225.00 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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