SIR Martin Sorrell’s WPP yesterday continued its blistering acquisition drive with a bid for a stake in Japanese digital advertising agency DA Consortium.
WPP has made an offer for Tokyo-based ADK's approximately 24 per cent stake in the highly-rated agency. The offer is understood to be in the region of $43m (£26m). The deal is expected to close by Friday.
The deal marks Sir Martin’s twelfth acquisition this year, maintaining his focus on digital agencies. He has bought stakes in agencies in emerging markets including Vietnam, Brazil, the Philippines, India, as well as developed markets such as Germany, Canada, the US and Japan.
Sir Martin has often spoken of the changing tide of the global economy, with the momentum being firmly with the emerging markets.
His firm last week reported a 37 per cent surge in pre-tax profits but said it expects to feel the impact of the economic slowdown next year.
Sales jumped more than six per cent year-on-year in the firm’s first half results, which were buoyed by strong sales in emerging markets and digital.
WPP shares, which have lost 25 per cent of their value since July in what Sir Martin branded an over-reaction, closed up 2.3 per cent.
WPP, whose ad agencies include JWT and Ogilvy & Mather, upgraded its 2011 outlook in April after it outperformed peers in the first quarter.