Advertising company WPP PLC (WPP.LN) said Tuesday that it has acquired full ownership of a number of agencies in the Asia-Pacific region for an undisclosed price in a share swap with Japan’s Dentsu Inc. (4324.TO). MarketWatch reports.
WPP said it has acquired full control of the Y&R and Wunderman joint-venture agency assets across Southeast Asia and in Taiwan, as well as Dentsu Sudler & Hennessey in Japan.
The deal includes Y&R in Vietnam, Malaysia, Singapore and Thailand; as well as Wunderman in Taiwan and Thailand, said WPP.
In exchange, Dentsu has acquired full control of the Dentsu Y&R and Wunderman Dentsu agencies in Japan, the Japanese company said in a statement.
WPP said the deal marks its commitment to expanding in key markets via a “strong pan-Asian network offering,” and that its Asia-Pacific companies generate revenue of almost $4.8 billion, including associates.
On Monday, WPP said a strategic review of its assets is underway in the wake of the surprise exit of former chief executive Martin Sorrell due to an internal probe into an allegation of personal misconduct.
Joint Chief Operating Officer Mark Read told analysts in a call on Monday that selling down some of WPP’s minority stakes is an option to reduce the company’s debt.
By Adam Clark