WPP merges Australasian businesses with STW
The merged group will become the primary vehicle for WPP in Australia and New Zealand and will have revenues of about A$1billion for the past 12 months and earnings before interest and tax (EBIT) of A$142 million.
When the merger is complete, STW will change its name to align it with WPP and WPP will have the right to appoint a majority of directors to the STW Board.
The merger is conditional on STW shareholder approval and the approval of the Australian Competition and Consumer Commission and the Foreign Investment Review Board.
Founded in 1985, and listed in 1994, STW offers clients marketing, content and communications services. WPP has been an investor in STW since 1998.
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