Huntsworth completes sale of stake to BlueFocus

LONDON: Huntsworth has completed the $58.7 million sale of a 19.6% stake to Chinese PR group BlueFocus.

LONDON: Huntsworth has completed the $58.7 million sale of a 19.6% stake to Chinese PR group BlueFocus.

The transaction and the accompanying appointment of BlueFocus CEO Oscar Zhao as a non-executive director of Huntsworth is part of a “strategic alliance” between the two groups.

The deal was announced in April before the two companies secured the approval of Chinese regulators and Huntsworth shareholders.

Huntsworth's first-half 2013 revenue fell 0.5% on a like-for-like basis to about $138.3 million. Its largest firm, Grayling, saw a like-for-like revenue drop of 7.2% in the period to $62.8 million.

Huntsworth also hired Bob Pickard, a former Edelman and Burson-Marsteller executive, as Asia-Pacific CEO in June. 

This story originally appeared on the website of PRWeek UK.

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in