LONDON, July 10 (Reuters) - Martin Sorrell has beaten WPP 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.
Sorrell’s S4 Capital had taken on the company he founded, WPP, in the battle for the Dutch group, prompting his former employer to warn that he could lose his multi-million pound share awards if he did not back off.
Sorrell said on Tuesday that S4 Capital would merge with MediaMonks, giving the company’s owners shares in the new venture plus cash and no earn out. It did not put a price on the deal. It is his first acquisition since he left WPP in April.
Reporting by Kate Holton; editing by Sarah Young