5 days ago
- Business
- Business Recorder
CCP approves foreign acquisition in advertising and media firms
The Competition Commission of Pakistan (CCP) in Wednesday granted approval for three separate merger transactions, allowing M/s. Berkeley Square Holding BV to acquire 50 percent shareholding of Ogilvy & Mather Pakistan (Private) Limited, Mindshare Pakistan (Private) Limited, and Soho Square Pakistan (Private) Limited from Taher Anwar Khan.
According to a statement, the acquisition in the case of Mindshare also involved M/s. Interflow Communications (Private) Limited as a seller.
The acquirer, Berkeley Square Holding BV, is a Netherlands-based holding company and an indirect wholly owned subsidiary of WPP plc, one of the world's largest communications and advertising conglomerates headquartered in London, UK. WPP provides creative transformation services globally, including Pakistan through its local subsidiaries.
Following these approvals, WPP plc will attain controlling interest in the three companies, enhancing its strategic presence in Pakistan's media and advertising services sector.
Restrictive trade practices may attract Rs75 million fine, says CCP
The relevant markets identified during the reviews were 'Advertising Services' and 'Media Services' within the geographic boundary of Pakistan.
After evaluating each case, the Commission concluded that the proposed acquisitions would not result in the creation or strengthening of a dominant position in the relevant markets, nor would they substantially lessen competition in Pakistan.
The Commission, while approving the transactions, ensured that there are no significant entry barriers or risks of market concentration that could harm competitive dynamics. All approvals were granted under Section 31(1)(d)(i) of the Competition Act, 2010.
