International Marketing & Sales Group Ltd (IMSG) said it has acquired Turkish online marketing and advertising agency Zap (OTCBB:ZAAP) Medya Tanitim ve Iletsim Hizmetleri Dis Tiscaret AS (Zap) for up to about 13 mln usd.
IMSG said it would purchase 70 pct stake in Zap initially and the remaining 30 pct in 2010.
Zap posted a pretax profit of about 2 mln usd on a turnover of 12 mln usd for the year to Dec 31, 2006.
IMSG said the business environment in Turkey remains very strong and the general outlook for the future is good, with the market for advertising and marketing services growing rapidly.
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