Group Press Releases
Aegis Acquires Interest in Korean Digital Marketing Agency – Agency W
12 October 2004
Aegis Group plc ("Aegis" or "Group") - the media communications and market research group – announced today the acquisition of a 51% stake in one of Korea’s largest digital marketing companies, Agency W, from the CEO and sole owner Jong Lyul Baik. Agency W will become part of Isobar, the Group’s recently launched digital one-to-one network. This is the third acquisition for Isobar in the past eight weeks and the addition of a Korean business further strengthens its presence in the important and rapidly expanding Asian market.
Originally created out of a subsidiary of Korea Telecom (Korea’s dominant phone company) in 1999, Agency W established its independence in November 2002. The agency offers an end-to-end service covering e-communications planning, web strategy, eCRM, search, on-line planning/buying, and creative development to blue chip clients including: Korea Telecom, Hewlett Packard, adidas, M&B, DHC, Allianz, Kyobo Insurance, Daewoo Construction, and L’Oreal amongst others.
The purchase price is composed of an initial consideration of approximately £200,000 payable in cash on completion. There is also deferred cash consideration payable over four years, up to a maximum of approximately £2.0 million, subject to rigorous performance criteria
Doug Flynn, CEO of Aegis Group plc said:
"The acquisition of Agency W is consistent with our strategy of investing in the Group’s strong global networks. We were very impressed with the vision of Agency W and we welcome it to the Isobar network. Korea is a heavy user of the internet with over 11 million broadband subscribers and it’s a country where digital marketing now ranks as the second most preferred medium used by advertisers. In many ways Korea leads the world in the digital space and we look forward to working with Agency W in this exciting market."
For further information contact:
Richard Walters
Aegis Group plc
+44 (0) 20 7070 7700
Charles Palmer
Financial Dynamics
+44 (0) 20 7831 3113
