WPP Group PLC
06 September 2007
FOR IMMEDIATE RELEASE 6 September 2007
WPP GROUP PLC ("WPP")
WPP acquires stake in PBN
WPP announces that it has acquired a 49.9% stake in PBN Holdings, LLC, ("The PBN
Company") a leading international integrated strategic communications
consultancy, specializing in Russia, Ukraine and CIS countries. The PBN Company
will maintain its independent positioning.
Founded in 1983, The PBN Company has offices in Washington DC, London, Moscow,
Kyiv and Riga and employs 115 people. The PBN Company serves major
multinational companies such as BP, Bristol-Myers-Squibb, Enel, Merrill Lynch,
Mittal Steel, Motorola, Telenor, Xerox and Western NIS Fund; and some of the
region's top businesses, including Basic Element, Ferrexpo, Renaissance Group,
Rolf Group of Companies, Sberbank, UkrEximbank and UMC.
The PBN Company's revenues for the year ended 31 December 2006 were
US$10.6million, with gross assets at the same date of US$3.5million.
This investment continues WPP's strategy of developing its networks in fast
growing markets and sectors.
Contact:
Feona McEwan, WPP T. 44-20 7408 2204
www.wpp.com
This information is provided by RNS
The company news service from the London Stock Exchange
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