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| WPP buys stake in Indonesian digital agency |
| Thursday, 09 February 2012 17:13 |
Sir Martin Sorrell, global head of WPP Acquisitive advertising conglomerate WPP has announced that XM Asia, a division of WPP's wholly-owned operating company, JWT, has agreed to acquire a stake in Magnivate, a leading digital agency in Indonesia. The agency, which was founded in 2010, has clients which include Danone, Samsung and Unilever. Magnivate's unaudited revenues for the year ended December 31st 2011 were around IDR 16bn (c.£1.1m), with gross assets at the same date at about IDR 7 bn (c.£0.49m) WPP's businesses in the Asia Pacific region now generate revenues of over $4bn (including associates) and employ approximately 42,000 people. |
| Last Updated on Friday, 10 February 2012 19:42 |
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