DJE to acquire WPP's stake in PRAP Japan
Edelman bets on Japan, buying 21% of one of the country's biggest PR firms.
DJE Inc, the parent group of Edelman, is to acquire a significant minority stake in PRAP Japan. The deal sees the world's biggest independent PR group buy the 21% shareholding that WPP has held since 2002, making it PRAP's largest single shareholder.
Founded in 1970, PRAP is one of Japan's biggest PR firms, with 378 employees and revenue of ¥7.68bn (US$48m), according to stock exchange data.
DJE, meanwhile, employs more than 50 people in Japan, one of its better-performing Asian markets in recent years. Fee income is estimated at around $8.5m after 16% growth last year, in a country where few international PR firms have been able to seriously compete with domestic players.
The PRAP transaction, which values the 21% stake at around ¥1.27bn (US$8m), is expected to complete by the end of October.
