Three WPP agen­cies merge as man­age­ment take stake

The Daily Telegraph - Business - - Business -

◆ WPP has sold a 49.9pc stake in PR agency Fins­bury in a buy­out deal that will make the for­mer Peo­ple’s Vote boss Roland Rudd chair­man of the new ven­ture, writes Si­mon Foy.

The deal means the ad­ver­tis­ing group will merge Fins­bury with Ger­man agency Her­ing Schup­pener Con­sult­ing and Wash­ing­ton DC lob­by­ist Glover Park Group.

WPP, which owns all three firms, will re­main the ma­jor­ity share­holder in newly formed Fins­bury Glover Her­ing with a 51.1pc stake, while the new com­bined man­age­ment team will ac­quire the rest.

Fi­nan­cial de­tails of the trans­ac­tion were not dis­closed. Alexan­der Geiser, man­ag­ing part­ner at Her­ing, will be­come chief ex­ec­u­tive of the group, with Mr Rudd be­com­ing co-chair­man along­side Glover Park founder Carter Eskew. The com­bined group will be launched in early 2021 with its head­quar­ters in New York.

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