Breaking: Hill & Knowlton Buys 70% Stake of Hong Kong Agency

Asia-Pac continues to be a major growth market for PR and marketing companies. Hence today’s news:

WPP Group Plc, the world’s second- biggest advertising company, said its Hill & Knowlton public relations unit bought a 70 percent stake in Hong Kong-based Rikes Communications Ltd. Financial terms weren’t disclosed.

Rikes, which provides public relations, crisis management and investor-relations services, had sales for the year ended March 31 of HK$7.4 million ($950,000), London-based WPP said today in a Regulatory News Service statement.

[Bloomberg]