MUMBAI: WPP has agreed to acquire a significant minority stake in Germany's independent agency Hirschen Group.

Following the investment, Hirschen Group will partner with WPP's wholly owned agency, J. Walter Thompson Company. The stake acquistion is subject to regulatory approval.

Hirschen Group employs over 500 people in nine offices and provides integrated campaign services including advertising, public relations, public affairs, consulting and strategy. Bernd Heusinger and Marcel Loko founded the company in 1995. Martin Blach joined as CEO in 2005.

The existing team will continue to manage Hirschen Group, which will maintain its independent positioning, whilst being part of the J. Walter Thompson and WPP networks.

Hirschen Group's revenues for the year ended 31 December, 2014 were approximately EUR 37.3 million, with gross assets at the same date of approximately EUR 17.0 million.

This investment continues WPP's strategy of developing its services in fast-growing and important markets. Germany is WPP's fourth largest market after the US, UK and Greater China.