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WPP buys Portuguese creative agency BAR
Advertising giant WPP has acquired Portuguese creative agency BAR for an undisclosed sum.
BAR will merge operations with Ogilvy & Mather Portugal, with the combined business trading as BAR Ogilvy. It will be managed by the founders of BAR: Jose Bomtempo, Diogo Anahory and Miguel Ralha.
Founded in Lisbon in 2009, BAR is an integrated agency whose clients include Sagres, Millennium BCP, CUF, Nowo, TAP and Nespresso.
For the year ended 31 December 2016, BAR's consolidated unaudited revenues were 2.5m, while gross assets were 2.4m.
WPP said that following the Brexit vote, it is placing an even greater emphasis on growth in Western Continental Europe, which includes four of the group's top markets worldwide: Germany, France, Italy and Spain. It added that this deal continues its strategy of investing in important markets and sectors.
In Portugal, WPP companies including associates collectively generate revenues of around $60m and employ 1,000 people.
At 0920 GMT, the shares were down 0.5% to 1,333.50p.