LONDON (Alliance News) - Media buying giant WPP PLC Thursday said its marketing communications agency Grey has agreed to buy a majority stake in South African advertising and communications company The Volcano Group.
WPP didn''t give any financial details for the deal, but said Volcano, which will be re-branded Grey Africa, made revenue of about ZAR61 million in the year to end-May.
The Volcano Group was founded in Johannesburg in 1994. Clients include Procter & Gamble, First National Bank, Sony and Consol Glass.
WPP shares were down 0.7% at 1,234 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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