LONDON (Alliance News) - British advertising and public relations giant WPP PLC said Tuesday that it will acquired Chinese marketing services company XMKT Group.
XMKT is head quartered in Shanghai, and has clients including Diageo and Uniqlo. In the year ended December 31, 2013, it had revenues of CNY126 million and gross assets of CNY138 million.
WPP said the acquisition of XMKT was a further step towards its declared goal of developing its networks in fast-growth markets and sectors.
No financial details of the acquisition were disclosed.
The acquisition follows WPP's acquisition of a majority stake in digital technology consultancy Cognified Ltd and Chinese premium and gift specialist, Shanghai Egift Design and Production Co Ltd, via a subsidiary Monday.
Shares in WPP closed Monday at 1,198.00 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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WPP (WPP)
