KSA’s Tihama, Public Relations Co, UK-based WPP postpone their agreement
Date
10/2/2022 7:23:36 AM
(MENAFN) For the second time this year, the merger of Saudi Arabia's Tihama Advertising and Public Relations Co. with the United Kingdom's WPP to create a Bahrain-based holding group has been postponed.
It was previously anticipated that the transfer of legal ownership would be finished by December 31 of last year, but this has been pushed out until mid-2022 and, most recently, until October 31 of this year.
According to the agreement, Tihama affiliate J. Walter Thompson MENA and Wunderman MENA would unite to form Wunderman Thompson MENA in Bahrain. On the other hand, once the merger is finalized, Tihama is going to own a 25 percent stake in the new Bahraini company.
This choice comes after J. Walter Thompson and Wunderman Thompson merged to form Wunderman Thompson in 2018.
Wizard Thompson with operations in Dubai, Egypt, Kuwait, Lebanon, Morocco, Tunisia, and Saudi Arabia, MENA is anticipated to have over 800 employees.
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