LONDON--Advertising giant WPP PLC (WPP.LN) said Friday its
subsidiary company, Scangroup Ltd., has agreed to buy a majority
stake in EXP, a pan-African experiential marketing group based in
South Africa, for an undisclosed sum.
The deal, which is subject to regulatory approvals, continues
WPP's strategy of developing its networks in important markets and
sectors and its commitment to developing its business throughout
the fast growing economies of Africa.
EXP's audited revenue for 2013 were over 200 million South
African Rand ($18.69 million), with audited gross assets of ZAR244
million as at the same date. It has a presence in 12 countries
across sub-Saharan Africa, and employs over 1700 people.
Shares at 0820 GMT up 2 pence, or 0.16%, at 1222 pence valuing
the company at 16.17 billion pounds ($27.71 billion).
-Write to Ian Walker at ian.walker@wsj.com
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