WPP, a prominent global advertising and marketing group, has agreed to acquire – through its subsidiary Ogilvy & Mather – a majority stake in Promo Interactive, a leading Moscow-based advertising agency with a strong Internet, mobile and multimedia focus, the Russian press reported last week.
The amount of the deal, apparently a capital increase operation, was not disclosed, but Promo’s valuation was estimated last year by industry experts at no less than $10 million, while the two companies were already holding talks for a potential acquisition.
The deal must still be approved by federal regulatory agencies, however.
Founded in 1997 when the online advertising barely existed in Russia, Promo currently has a variety of Russian and international clients, including Bacardi, Heineken, LG, Nokia, Walt Disney and Volkswagen.
