• by Richard Whitman , Columnist, December 28, 2020

Last month, WPP moved to take full control of its Australia/New Zealand holding group, known as WPP AUNZ.

After some back and forth and a sweetened offer by WPP, the two sides have agreed to terms that would give the holding company full control of its Down-Under subsidiary.

WPP AUNZ was formed in 2016 with the merger of STW Group, then Australia’s largest ad and marketing group, with WPP operations in the region.

At the time, the deal was valued at about $625 million and WPP took a 61.5% stake in the company with additional shares traded in Australia's public markets.

WPP said its new offer valued outstanding shares at approximately $174 million, about $40 million more than its initial offer.

The agreement is subject to regulatory and shareholder approval.