NAIROBI, Aug 12 (Reuters) - WPP plans to raise its stake in Kenya’s Scangroup to 50.1 percent from 33.616 percent through purchase of additional shares, the advertising group said on Monday.
The transaction, which will be carried out by WPP’s subsidiary Cavendish Square Holding, will allow it to make further investment in Scangroup, a leading African advertising and public relations firm.
The deal will be subject to regulatory and shareholder approval, WPP said in a statement.
Global firms have been making acquisitions in Africa in recent years, seeking to reap from the continent’s growing economies and its increasing confident consumers. (Reporting by Duncan Miriri; Editing by James Macharia)