WPP takes control of Scangroup
Purchasing additional shares in Scangroup brings WPP’s interest up to 50.1% of the company and will be subject to regulatory and shareholder approval.
WPP subsidiary Millward Brown and Scangroup first joined forces in 2007 when they formed Millward Brown East Africa and have since branched out to also cover Central Africa. In 2008 WPP acquired a minority stake in Scangroup.
In 2010, the companies opened a hub office in Accra to serve the West African market through a joint venture arrangement, Millward Brown West Africa.
The controlling purchase continues a busy month for WPP which has seen subsidiaries buy majority stakes in companies based in Brazil, Hong Kong, and Singapore and is part of the company’s stated aim to develop its businesses in the fast growing economies of Africa, as well as Asia Pacific, Latin America, the Middle East, Central and Eastern Europe.
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