WPP to acquire AKQA for $540m

WPP has sprung a surprise deal to acquire AKQA, the major independent digital agency with clients including Nike, Google and Unilever, for a sum understood to be worth $540m (£348m).

The deal is subject to regulatory approval. AKQA, which is being sold by private equity owner General Atlantic, will continue to be run as a separate and standalone brand within WPP by Founder and Chief Executive Ajaz Ahmed and Chairman Tom Bedecarré.

Bedecarré will also become president of WPP Ventures, a new company which will explore digital opportunities for WPP from a base in Silicon Valley. Other appointments to the board of WPP Ventures will be made in due course.

Although the price was not disclosed, it is likely to be the biggest digital acquisition since Publicis Groupe paid more than $500 million for Razorfish in 2009.