WPP acquires majority stake in Russia’s GroupM and JWT

Advertising giant WPP has announced it has acquired an 80 per cent stake in Russia’s WVI group of companies, a joint venture holding company for WPP’s brands in the country including Maxus, MEC, MediaCom, Mindshare, GroupM and JWT.

Still subject to regulatory approval the deal includes an agreement for WPP to buy-out the remaining 20 per cent stake by 2016 and continues the British companies strategy of developing its business in fast growing global markets.

WPP companies in Russia, including their associates, currently have revenues of over $300m, plus a further $600m in revenue from central and eastern European markets.

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