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WPP buys Finsbury
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May 24, 2001: 4:54 a.m. ET
World's largest advertising, PR company boosts UK financial business
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LONDON (CNN) - The world's largest advertising company WPP said on Wednesday it acquired the UK's Finsbury, boosting its financial PR business.
Finsbury specialises in financial communications, investor relations and public affairs for UK-listed companies. WPP did not say how much it paid for the company.
Privately held Finsbury's clients include Cable & Wireless (CW-), Sainsbury (SBRY), Lloyds TSB (LLOY) and the London Stock Exchange, WPP said. It employs 60 consultants.
The acquisition is the latest in a buying spree by WPP that has included large and small consultancies and the takeover a year ago of U.S. rival Young & Rubicam for $4.7 billion in stock.
Finsbury has handled public relations in recent transactions such as Lloyds TSB's bid for Abbey National {LSE:ANL], Innogy's acquisition of Yorkshire Electricity, and the disposal by Cable & Wireless of its Optus unit, a statement said.
Finsbury reported revenues of just £8.2 million in the year to October 31, but WPP plans to expand the business and when the transaction is complete Finsbury will open an office in New York, serving European and U.S. clients.
WPP (WPP) shares fell 0.2 percent at 822.5 pence in early trade in London. 
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