General Atlantic to sell digital ad agency AKQA to Sorrell’s WPP

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General Atlantic (GA) has agreed to sell digital advertising agency AKQA to WPP Group, the global marketing giant spearheaded by Martin Sorrell, in a deal will net the global growth investor a cool $540m.

AKQA, which was set up in 2001 through a merger of four agencies, will continue to operate as an independent brand and be used to bolster WPP’s digital presence.

GA first invested in the business through a $250m secondary buyout in 2007.

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