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WPP Buys Majority Stake in South Africa's Volcano
WPP's marketing communications agency Grey has agreed to acquire a majority stake in South African advertising and communications company The Volcano Group, whose services include insight generation in addition to advertising, PR, digital and social media consultancy.
The Volcano Group, founded in 1994 in Johannesburg, will now rebrand as Grey Africa. The Group had unaudited consolidated revenues for the year ended 31st May 2013 of c.ZAR 61m ($US 5.86m).
WPP says the buy continues its strategy of developing its services in fast-growing and important markets and sectors and strengthening its capabilities in digital media.
Web sites: www.wpp.com and www.volcano.co.za .
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