WPP acquires 24/7 Real Media

by Isabella Piasecka, Media Week 18-May-07, 13:00

NEW YORK - WPP has signed a deal to acquire global digital marketing agency 24/7 Real Media for $649 million (£329 million).

Under the terms of the agreement, due to be completed in the third quarter, WPP will make an all-cash purchase of 24/7 Real Media at $11.75 per share.

The deal comes after WPP's rival Publicis Groupe bought US digital and direct marketing company Digitas for $1.3bn (£660m) in January and Google acquired Double Click for $3.1bn (£1.57bn) in April.

Chief executive Sir Martin Sorrell said the acquisition would enhance WPP's position in digital media and marketing while strengthening its technology skills.

24/7 Real Media, founded in 1955, is headquartered in New York. It has operations in 12 countries in North America, Europe and Asia-Pacific.