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    Alibaba and Tencent in Talks to Acquire Stake in WPP China says Report

    By Robert Cameron - Jul 24, 2018
    Alibaba and Tencent in Talks to Acquire Stake in WPP China says Report

    Image: WikiCommons


    According to a story by the U.K.’s Sky News, the Alibaba Group and Tencent are in early-stage talks with WPP to acquire a significant stake in its Chinese operations.

    According to Sky News, Alibaba, Tencent and China Media Capital Holdings have held talks about buying around 20% of WPP China. WPP chairman Roberto Quarta and co-chief operating officer Andrew Scott are believed to have been in China recently to discuss the deal which could see WPP pooling Chinese agency operations, which is valued at over $2 billion, into a new holding company.

    The consortium, which would be made up of ‎Alibaba, Tencent and CMC would acquire roughly equal shares in the new entity, with WPP Group maintaining majority ownership and control.

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