Ogilvy & Mather takes majority stake in Memac Ogilvy

WPP’s Ogilvy & Mather has taken a majority stake in Memac Ogilvy following protracted negotiations.

The exact percentage of the Beirut-headquartered regional network now owned by Ogilvy & Mather has not been disclosed, but a tie-up with Ogilvy & Mather in 1998 had originally led to WPP owning 40 per cent of the company.

Speaking of the deal, Miles Young, worldwide chairman and CEO of Ogilvy & Mather, who is currently in Dubai, said: “For nearly 30 years, we have enjoyed a long, creative and successful relationship with Memac Ogilvy. In that time Eddie has built a fabulous agency which is doing leading-edge work for many local, regional and international brands. The Middle East and North Africa are areas of unique opportunity in the marketing communications business; this is the right time for us to recognise that, and jointly and aggressively execute our plans to build the network here.”

Moutran added: “When I started the business in 1984 we had one office, one client and four staff. Three decades later we are the leading integrated marketing communications network in the Middle East and North Africa. I’d like to thank our clients, staff and my family for their support and trust. This agreement continues the deep integration with Ogilvy & Mather we have enjoyed since our partnership began. The values and spirit of Memac and Ogilvy are a natural match. We are one network offering clients in the region the full slate of integrated marketing communications services.”

Moutran has been planning to sell an additional 30 per cent of Memac Ogilvy to WPP for the past seven years or so, but up until today negotiations had always fallen through or stalled.

The news arrives a few hours prior to Moutran being named ‘Advertising Person of the Year’ at the Dubai Lynx awards ceremony, which is being held at the Madinat Jumeirah this evening. Moutran has also been elected a member of the Ogilvy & Mather Worldwide Board.

1 Comment

Comments are closed.