By Cristina Merrill
NEW YORK--DDB Worldwide has agreed to buy a majority stake in DM9, one of the more creative agencies in South America.
The exact terms of the purchase, which was scheduled to be completed this week, were unavailable at press time.
Based in S‹o Paulo, Brazil, DM9 was the first Brazilian agency to win a Grand Prix at the International Advertising Festival in Cannes. It is believed to be the seventh-largest and most-awarded Brazilian shop.
Following the closing of the deal, DM9 will become part of the DDB Worldwide Network, which has 12 offices in 10 countries in South America, DDB said in a statement.
'As an agency, we have a strong commitment to the region,' said Darryl Lindberg, DDB South America's president, noting that the venture also means having a presence in the largest Latin American market.
DDB said last week that the investment 'more than doubles' its network's size in Latin America. The agency network holds equity stakes in many South American countries. In others, such as Peru, Bolivia and Paraguay, it has affiliate relationships with agencies.
In the last few weeks DDB has also entered Ecuador, where it forged an affiliation with an agency called Tactica in Guayaquil.
In its eight years of existence, DM9 has grown from $4 million in billings to more than $210 million last year. The agency counts Antarctica, Electrolux, Schering-Plough and Levi Strauss Co. among its clients
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