WPP Plc's (WPPGY: Quote, WPP.L) wholly-owned operating network Possible Worldwide, the global interactive marketing agency, part of WPP Digital, has agreed to acquire a majority stake in Grape LLC in Russia.
Grape's consolidated unaudited revenues for the year ended December 31, 2011 were about RUB 425 million with gross assets as at the same date of around RUB 216 million.
The company said this investment continues its strategy of developing its services in fast-growing and important markets and sectors and strengthening its capabilities in digital media. WPP's digital revenues were $4.8 billion in 2011, representing some 30% of the Group's total revenues of over $16 billion. WPP has set a target of 35% - 40% of revenue to be derived from digital in the next 5 years.
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by RTT Staff Writer
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