Ogilvy takes majority stake in Memac

WPP’s Ogilvy & Mather has taken a majority stake in Memac Ogilvy following protracted negotiations.

Ogilvy & Mather now owns 60 per cent of the Beirutheadquartered regional network, building on its in original tie-up in 1998, which had led to WPP owning 40 per cent of the company.

Speaking of the deal, Miles Young, worldwide chairman and CEO of Ogilvy & Mather, said: “For nearly 30 years, we have enjoyed a long, creative and successful relationship with Memac Ogilvy. In that time Eddie [Moutran, chairman and CEO of Memac Ogilvy Group] has built a fabulous agency which is doing leading-edge work for many local, regional and international brands. The Middle East and North Africa are areas of unique opportunity in the marketing communications business; this is the right time for us to recognise that, and jointly and aggressively execute our plans to build the network here.”

Moutran added: “When I started the business in 1984 we had one office, one client and four staff. Three decades later we are the leading integrated marketing communications network in the Middle East and North Africa. I’d like to thank our clients, staff and my family for their support and trust. This agreement continues the deep integration with Ogilvy & Mather we have enjoyed since our partnership began. The values and spirit of Memac and Ogilvy are a natural match. We are one network offering clients in the region the full slate of integrated marketing communications services.”

Moutran had been planning to sell an additional 30 per cent of Memac Ogilvy to WPP for the past seven years or so, but negotiations had always fallen through or stalled.

The news arrived a few hours prior to Moutran being named ‘Advertising Person of the Year’ at the Dubai Lynx, where the agency went on to win both agency and network of the year.

Moutran has also been elected a member of the Ogilvy & Mather Worldwide Board.