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WPP subsidiary acquires majority stake in EXP
11-07-2014 12:30
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WPP's subsidiary Scangroup has acquired a majority stake in pan-African marketing group EXP as part of its strategy to develop its business across the continent.
The group did not reveal any financial details of the acquisition but announced that the completion of the transaction is dependent on various conditions included in the agreement.
EXP, which is currently active across 12 countries in sub-Saharan Africa, reported audited revenues of ZAR200m for the year ended December 31st 2013 with gross assets of around ZAR244m.
Scangroup generated revenues of over $60m in 2013.
As of 12:00 the share price had risen 0.04% to 1220p.
WS
The group did not reveal any financial details of the acquisition but announced that the completion of the transaction is dependent on various conditions included in the agreement.
EXP, which is currently active across 12 countries in sub-Saharan Africa, reported audited revenues of ZAR200m for the year ended December 31st 2013 with gross assets of around ZAR244m.
Scangroup generated revenues of over $60m in 2013.
As of 12:00 the share price had risen 0.04% to 1220p.
WS
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