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WPP's Agency Expands in India, Buys Stake in Six Degrees

Zacks Equity Research
Updated

Cohn & Wolfe, a leading brand communications agency and a part of advertising and marketing services giant WPP plc WPPGY, inked an agreement to buy a majority stake in the fast-growing Indian PR firm Six Degrees and its content subsidiary Alphabet Consulting. The step is the latest in the company’s strategic investments as it seeks to expand its footprint in Asia.

Six Degrees was founded in 2009 by Rishi Seth and Zacharia James, and has clients across varied sectors, including technology, infrastructure, travel, aviation, finance, hospitality, manufacturing and entertainment. It has offices in Delhi, Mumbai and Bangalore, with an impressive client list that includes names like Ingersoll Rand, Cushman & Wakefield, Amadeus, Dalmia Bharat Group, Hughes and Nokia.

The PR firm has extensive experience in public affairs, public relations, crisis management and digital media, and offers content and integrated marketing campaigns through its subsidiary Alphabet Consulting.

Per the deal, co-founders Rishi Seth and Zacharia James will become Group CEOs, leading the 70-strong Cohn & Wolfe Six Degrees team, and reporting to Cohn & Wolfe CEO Donna Imperato. Karan Punia, CEO of Six Degrees will become CEO of the new company, and will report to Seth and James.

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The deal fits like a glove for the Indian PR firm, as Cohn & Wolfe will provide momentum and enable it to build up on the success of their firm.

For Cohn & Wolfe, the deal is in sync with their aggressive growth plan in India. Cohn & Wolfe has built up its Asian operations significantly in the recent years, through agency acquisitions in Greater China and Southeast Asia. The deal will expand its foothold to 11 offices in the Asia-Pacific region.

Importantly, as one of the fastest growing economies of the world, India is a strategic priority for WPP’s leading brand communications agency. This acquisition will enable it to capitalize on the incredible growth prospects in the country, as it offers integrated marketing solutions to regional as well as multinational companies looking to expand their operations in India.

WPP presently carries a Zacks Rank #3 (Hold). Other stocks in the advertising and marketing services industry that are worth a look now include National CineMedia, Inc. NCMI, MDC Partners Inc. MDCA and Publicis Groupe SA PUBGY, all carrying a Zacks Rank #2 (Buy).

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WPP PLC (WPPGY): Free Stock Analysis Report
 
PUBLICIS GP-ADR (PUBGY): Free Stock Analysis Report
 
NATL CINEMEDIA (NCMI): Free Stock Analysis Report
 
MDC PTNRS INC (MDCA): Free Stock Analysis Report
 
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