WPP nets City PR firm Finsbury in pounds 50m-plus deal

WPP is set to pay more than pounds 50m for its latest acquisition,

City PR consultancy Finsbury.



The deal, news of which broke on PRWeek's Worldwire last Thursday, comes

after months of negotiations between WPP CEO Sir Martin Sorrell and

Finsbury bosses Roland Rudd and Rupert Younger.



Initial talks are understood to have started at the beginning of last

year, with rumours of prices ranging from pounds 35m to pounds 50m after

a lengthy earn out.



Both Finsbury and WPP declined to disclose the sum involved in the final

deal, but sources suggest the figure topped previous suggestions.



WPP adds the financial firm to its existing stable of PR brands,

including Burson-Marsteller, Hill & Knowlton, Ogilvy PR Worldwide and

Buchanan Communications.



Finsbury - launched just six years ago - has sold to Sorrell in order to

embark on an ambitious expansion plan.



Now with the financial backing of a larger group, the agency will open

an office in New York by the end of this year, serving European and US

clients, followed by a base in Frankfurt.



Leader, p12.



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