WPP Takes 80% Stake In GroupM And JWT Businesses In Russia

(RTTNews) - Advertising giant WPP Plc. (WPP.L, WPPGY) Monday announced that it has agreed to take an 80 percent majority stake in the WVI Group of companies.

The company noted that WVI Group is the joint venture holding company for a number of WPP brands in Russia including media investment management businesses Maxus, MEC, MediaCom, Mindshare, GroupM and the global marketing communications company JWT. The deal is subject to regulatory approval.

The company has also reached an agreement to purchase the remaining 20 percent stake in 2016.

WPP said the latest investment continues its strategy of developing its services in fast-growing and important markets and sectors.

WPP companies in Russia have revenues of over $300 million and employ over 2,000 people.

In London, WPP shares are currently trading at 1,366 pence, up 2 pence or 0.15 percent.