WPP’s Young & Rubicam network, currently shedding major accounts faster than an Outback-sheared sheep, has declared its intention to add a third Istanbul agency to its European portfolio.

The willing prey is independent shop Ajans Ultra, already in possession of a letter of intent from Y&R. According to co-founder Faruk Kaptan, there has been no transfer of equity as yet although the deal could be sealed “within three months”.

According to the Turkish Advertising Agencies Association, Ajans Ultra declared a gross income of $8.2 million in 1999. The terms of the imminent deal have not been announced.

Y&R’s other Instanbul units are Y&R/Reklamevi and Impiric.

News source: Advertising Age - International Daily