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. Last Updated: 07/27/2016

WPP Eyes Growth in Ex-Soviet Union

LONDON -- WPP Group, the world's second-biggest advertising company, said Wednesday that it agreed to buy 49 percent of The PBN Company to expand in the former Soviet Union and plans further acquisitions in the United States and the Middle East.

WPP chief executive Martin Sorrell did not disclose terms of the deal.

PBN, based in Washington, is a communications company with five offices worldwide, including in Moscow, Kiev and Riga, its web site said.

WPP currently makes about one-quarter of sales in emerging markets, including Asia, Africa, Latin America and Eastern Europe, and aims to extend that share, Sorrell said.

PBN offers services such as corporate positioning, reputation management, financial communications, government relations and crisis management.

Nobody at PBN's Moscow office could be reached for comment.