Arun Sudhaman 06 Jan 2017 // 7:43PM GMT
BEIJING — Chinese marketing services group BlueFocus has held talks regarding a potential acquisition of Racepoint Global, the PR and digital agency that is a key component of Larry Weber's W2 Group.
BlueFocus CEO Oscar Zhao told the Holmes Report that he remains interested in a deal with Racepoint, which would add international tech PR and digital communications capabilities to his $1.5bn holding group.
BlueFocus has not made an international acquisition since the end of 2014, when it bought Citizen Relations owner Vision7. It also owns We Are Social, Fuseproject, Metta and Financial PR, with international revenues accounting for around a third of its overall revenues.
Racepoint has broadened its capabilities considerably since merging with sister firm Digital Influence Group in 2013. The agency reported global fee income of $29.2m in 2015, according to the Holmes Report's Global 250 Agency Ranking, up 7% on the year before, and also counts an important relationship with Chinese tech giant Huawei.
Weber, who is also chairman and CEO of Racepoint Global, told the Holmes Report that his firm had "engaged in discussions from time to time" but was not currently in formal talks to sell the business.
"Racepoint has been experiencing considerable growth in its business and just closed its best year ever," said Weber. "We are frequently the subject of speculative discussion and are approached all the time by companies interested in buying us."