WPP's J. Walter Company acquires WANDA Digital in Turkey

J.Walter Thompson Company, a global marketing communications agency and a subsidiary of media firm WPP Group, announced the acquisition of a majority stake in WANDA Digital, an independent digital agency in Turkey.

The agreement follows an initial investment from WPP made last year.

Chief Executive Sir Martin Sorrell said: "This further investment reflects WPP's continuing commitment to Turkey and our confidence in the future prospects of this important economy."

WANDA Digital was founded in 2006 and employs around 80 people in Istanbul. Its clients include Media Markt, Nestle, Turkcell, Ülker and Unilever. Its services include campaigns, social media, platform development and games and apps.

For the period ending 31 December 2015, the firm’s unaudited revenue and gross assets were approximately $2.7m and $1.5m respectively.

WPP said the deal facilitates its goal to continue to strengthen its capabilities in the digital sector. The group’s digital revenues last year made up 37% of total revenue at over $7bn. Its target is to increase that share to 40-45% of total revenue in the next five years.

In Turkey, WPP companies (including associates) generate revenues of around $140m and employ around 1,500 people.

WPP’s share price fell 0.7% at 1055 BST on Thursday to 1,666p.