Following the 100 per cent buyout, MEC:MediaCore business will be part of a new Group M structure, which will be led by Sandra Yu, former chief executive officer of MediaCore, as chairwoman of Group M Taiwan, which comprises MindShare, Maxus and Chungl.
The acquisition is part of WPP's strategy of developing its network in Taiwan. As part of the new structure, Andreas Vogiatzakis, managing director/country head of MindShare/Maxus, will report to Yu.
Yu, who said the acquisition would give Group M greater strength in media services and establish it as the "undisputed major force" in Taiwan's cut-throat media scene.
MediaCore, whose clients include KFC, Yahoo and Estee Lauder among other international and local brands, had collaborated with MEC on media buying services prior to the buyout, which was nine months in the planning.
Yu said: "The new operation puts in place a strong management team with substantial breadth and depth of experience, collaborative spirit and shared resources in Group M."
Group M boosts profile with MediaCore buyout
WPP's Group M has acquired media investment management business Media Core Communications, whose operations will be combined with MEC to form MEC: MediaCore in Taiwan.