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WPP Acquires Assets of AKQA Holdings for Undisclosed Sum

LONDON--Advertising group WPP PLC (WPP.LN) said Wednesday that it has agreed to acquire the assets of AKQA Holdings Inc, a digital agency. MAIN FACTS: -AKQA currently employing 1160 people worldwide - from software engineers and technologists to creatives and strategists - the agency operates through offices in the U.S., Europe and Asia. -The agency had gross assets of $282 million as at Dec. 31, 2011 and forecasts revenues of around $230 million in 2012, having achieved $189 million in 2011. -AKQA will continue to operate as an independent and stand-alone brand within WPP and be led by founder and CEO Ajaz Ahmed and Chairman Tom Bedecarre. -Tom will also become President of WPP Ventures, a new Silicon Valley-based company, which will explore new digital investment opportunities for WPP as a whole. -Other appointments to the Board of WPP Ventures will be made in due course. -WPP Shares at 1133 GMT, up 11 pence, or 1.43%, at 778 pence valuing the company at GBP9.67 billion. -Write to Rory Gallivan at rory.gallivan@dowjones.com

Stock News for Wpp (WPPGY)
DateTimeHeadline
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