WPP's GroupM acquires majority stake in SA-based Yonder Media

WPP said its media investment management business, GroupM, has acquired a majority stake in South Africa-based marketing agency Yonder Media for an undisclosed sum.

Yonder, which was established in 2005, is a mobile-first digital and social media agency based in Johannesburg. Its unaudited consolidated revenues for the year ended 28 February 2015 were around ZAR20m (£927,457), with gross assets at the same date of approximately ZAR18m.

“This investment continues WPP's strategy of developing its services in fast-growing and important markets and sectors and strengthening its capabilities in digital media,” the company said.

At 1126 GMT, WPP shares in the media company were up 0.4% at 1,491p.