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Bids, Mergers and Takeovers

WPP subsidiary buys stake in hug digital

14 August 2017 09:13

WPP's wholly-owned operating company Grey has acquired a majority stake in hug digital in Dubai.

hug is a Middle East-based digital agency that provides services including campaigns, social media, research, content marketing and influencer marketing.

Clients include international, regional and local brands such as Americana, Al-Futtaim automotive group, Dubai Tourism and Shell. hug's revenues for the year ended 31 December 2016 were approximately AED19 million, with gross assets of approximately AED7.4 million.

In addition to its Dubai headquarters, hug has offices in Egypt and India.

WPP said the acquisition continues its strategy of developing its services in important markets and sectors and strengthening its capabilities in digital marketing and media.

WPP has set a target of 40-45% of revenue to be derived from digital in the next four to five years.

At 9:13am: (LON:WPP) WPP Group PLC share price was +9.5p at 1580.5p

Story provided by StockMarketWire.com

Related Company: WPP

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