WPP's Cohn & Wolfe buys majority stake in Brazilian PR firm

WPP’s wholly-owned communications agency, Cohn &Wolfe, has bought a majority interest in Brazilian public relations group Máquina for an undisclosed sum.

The advertising agency said Máquina’s gross revenues for the year ended December 2014 were 60m Brazilian reals (£10.4m) with gross assets of around BRL20m.

Máquina, whose clients include Carrefour, Credit Suisse and Kraft Heinz, is based in São Paulo with offices in Rio de Janeiro and Brasília.

It has specialty divisions focused on digital, video content, branding, advertising and package design services.

The advertising agency said the deal continues its strategy of investing in fast-growing markets and sectors and its commitment to developing its strategic networks throughout the Brazilian market.

At 1220GMT, WPP shares were down 0.7% to 1,425p.