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Sorrell beats WPP in race to win Dutch agency MediaMonks

Reuters  |  LONDON 

(Reuters) - has beaten in the race to buy the highly coveted Dutch agency MediaMonks, in a move that is set to further strain tensions with the company he founded.

The 73-year-old Sorrell left the world's biggest group in April over a complaint of personal misconduct. Leaving without a non-compete clause, he set up a new company weeks later and took on in a bid battle for its first acquisition.

WPP warned Sorrell earlier this month that he could lose his multi-million pound share awards payout if he did not back off from the competition for

"The merger (with MediaMonks) represents the first move by to create a new era, new embracing data, content and technology, which meets client needs in an always-on environment," Sorrell's new venture, S4 Capital, said.

MediaMonks, with revenue of around 110 million euros, employs more than 750 people in 10 countries to support clients including Adidas, Amazon, Google, Netflix, and GE.

The owners of the group will receive shares in as well as cash. They will not get an earn-out in a bid to encourage them to stay. S4 did not put a price on the deal.

(Reporting by Kate Holton; editing by Sarah Young)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, July 10 2018. 12:17 IST