Leo Burnett Worldwide, a part of the Publicis Groupe, has announced that it has increased its stake to a majority in Sri Lanka's Solutions Group.
Prior to this, Leo Burnett had 20 per cent stake in the company. The agency will continue to be known as Leo Burnett Solutions Inc.
As part of the acquisition, Leo Burnett Sri Lanka and Arc Worldwide Sri Lanka will now be fully integrated into Publicis Communications.
The Solutions Group was founded in June 1999 by Ranil de Silva.
Rich Stoddart, CEO, Leo Burnett Worldwide, said, "Given the tremendous growth and creative opportunities in Sri Lanka, I am thrilled to see Leo Burnett join forces with the talent and possibility that resides within the Solutions Group.”
de Silva added, “We are thrilled to strengthen our partnership and to continue our efforts to build Leo Burnett’s position as a leading creative force in the country. I am confident that all the stakeholders will benefit greatly from the access to our global footprint.”
Alongside the development, Solutions Group has acquired 100 per cent of First Media Solutions, which represented Starcom Worldwide in Sri Lanka. First Media will also now be fully integrated into the Publicis Groupe.