Dentsu Aegis Network has signed a definitive agreement to acquire Grant Group, the largest independent creative agency in Sri Lanka, paving the way for its entry into the island nation.
The London-based subsidiary of Japanese advertising and public relations firm Dentsu is one of the largest agencies to enter Sri Lanka in nearly two decades.
Following the buyout of the 59-year-old integrated agency, which is expected to close this week, Grant Advertising will be known as Dentsu Grant while Grant Media will join Dentsu Aegis Network’s global media network brand Carat.
The other global agency brands in the network will integrate with their local agency counterparts to grow the business further, adding value to their clients and their staff.
“With social and economic stability in the country, Sri Lanka is set to reap the peace dividend. Significant foreign investment is already flowing into the country, and with strong historical ties to Japan, there is a natural opportunity for Dentsu Aegis Network clients to grow,” said Nick Waters, CEO of Dentsu Aegis Network APAC.
Post acquisition, Grant Group chairman Neela Marikkar will report to Dentsu Aegis Network South Asia chairman Ashish Bhasin.
“The acquisition of Grant Group is a key step in the Dentsu Aegis Network South Asia strategy and will launch our business in a market with significant potential,” said Bhasin.
“Through the Grant Group, we have a unique opportunity to enter the market with a bang and will be amongst the largest integrated groups in the country.”
“Given the growth in the market and the push towards digital, we need a strongly aligned and committed multinational partner with digital at its heart as brands grapple with the challenges of a changing media landscape,” Marikkar said.
Source: Economic Times