Global advertising agency, WPP, has acquired a majority stake in iPR Asia Holdings Limited (‘iPR’) a leading financial public relations agency, further extending the Group’s strategy of developing its networks in important and faster growing markets and sectors.
iPR will be integrated into WPP’s public relations and public affairs network company Ogilvy Public Relations Worldwide, bringing clients such as Lifestyle International, Clear Media, Yue Yuen Industrial, Shanghai Forte Land, China Oilfield Services and Yanzhou Coal into the WPP fold.
Earlier this week, WPP, purchased the remaining 70% of the issued share capital of Australia’s third largest advertising and marketing services company, The Communications Group Holdings (TCG) (see WPP Acquires 70% Of Australian Advertising Company).
The move will see the various TCG businesses merged into Young & Rubicam Brands in Australia, with Zenith Media joining WPP’s GroupM network.
WPP enjoyed a strong start to 2005, reporting that world-wide revenues were up by over 20% year on year for the first five months of 2005, reflecting strong organic growth and the contribution from the newly acquired Grey Global (see WPP Reports Strong Start To 2005).
WPP reported average net debt for the first five months of the year to be down £130 million, or 15% like for like, to £740 million, compared to £870 million in 2004.
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