50% Stake Taken in Tamir Cohen Ltd
WPP Group PLC
7 December 1999
WPP GROUP PLC ('WPP')
J. Walter Thompson acquires 50% stake in Tamir Cohen Limited,
a leading Israeli advertising agency and option to acquire
interest in NetKing, the leading Israeli language Internet
portal
WPP Groups wholly owned operating company, J Walter Thompson
Company ('JWT') has agreed to acquire 50% of Tamir Cohen
Limited, one of the leading full service advertising agencies
in Israel, and entered into put and call options to acquire
the remaining 50%. At the same time, JWT has entered into an
option to acquire a minority interest in Tamir Cohen
associate, NetKing, the leading Israeli language Internet
portal.
Founded in 1934, with offices in Tel Aviv, Tamir Cohen was the
first advertising agency in Israel. Its clients include
British Airways, Burger King, Elite, International Bank,
Israel Electric Company, Jacobs, Kellogg, Microsoft, Samsung
cellular, Strauss and Unilever. The company had revenues of
NIS 38.5 million for the year to 31 December 1998 and net
assets of NIS 13.4 million at that date.
Tamir Cohen will continue to be managed by its directors David
Tamir and Rony Cohen.
Commenting on the acquisition, Michael Mddel, president and
chief executive of JWT Europe said, 'We have worked with Tamir
Cohen for many years and appreciate their professionalism, so
we are delighted to have deepened the relationship with the
premier agency in Israel.'
The interest in Tamir Cohen expands JWTs presence in the
strategically important Middle Eastern market and continues
WPPs strategy of strengthening existing networks worldwide
and of investing in ground-breaking interactive agencies.
For further information please contact:
Feona McEwan at WPP, London
Tel: + 44 171 408 2204
Latest directors dealings
- 12 hours ago Johnson Matthey
- 13 hours ago Galliford Try
- 13 hours ago Galliford Try
- 13 hours ago Centrica
- 14 hours ago Smith & Nephew