WPP has acquired full ownership of Y&R and Wunderman joint venture agency assets across
Southeast Asia and Taiwan.
This includes Y&R in Malaysia, Singapore, Thailand and Vietnam; and Wunderman in Taiwan and Thailand.
It has also gained full ownership of Dentsu Sudler & Hennessey in Japan, following a share swap transaction with Dentsu Inc. The agency will now be rebranded as Sudler.
In India, WPP has been engaged in a tussle since 2005, for complete control in its JV between YR and its Indian partner, Rediffusion. The plans for the Indian market were unclear till the time of this being published.
This transaction marks WPP's continued commitment to expanding in key growth markets and supporting clients through a strong pan-Asian network offering, the group said in a statement.
Collectively WPP companies across Asia-Pacific generate revenues of almost US$4.8 billion including associates and employ more than 53,000 people.
This move comes at a time of transition for the world's largest agency holding group following the resignation of its long-serving CEO, Sir Martin Sorrell.
Since then, analysts have debated the possibility of WPP's board of directors breaking up the group and selling off its assets.
However, WPP's newly appointed joint chief operating officers Mark Read and Andrew Scott have denied the rumour saying that to do so would "make no sense".
.jpg&h=334&w=500&q=100&v=20170226&c=1)
.jpg&h=334&w=500&q=100&v=20170226&c=1)
.jpg&h=334&w=500&q=100&v=20170226&c=1)
.jpg&h=268&w=401&q=100&v=20170226&c=1)
.jpg&h=268&w=401&q=100&v=20170226&c=1)
.jpg&h=268&w=401&q=100&v=20170226&c=1)
