Tihama extends JWT- Wunderman merger deadline to June 30, 2025

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co. announced that partners agreed to extend the deadline for completing the legal ownership transfer and obtaining all necessary regulatory approvals for the merger of Tihama’s associate J. Walter Thompson (JWT) MENA with Wunderman MENA to June 30, 2025.

The company attributed the deadline extension to the completion of the legal ownership transfer and all other required regulatory approvals, according to a statement to Tadawul.

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Any financial impact resulting from the transaction based on assets and liabilities will be recorded upon completion, and any potential impact cannot be reliably estimated at present, the statement added.

In June 2021, the advertising firm signed an agreement with WPP plc on the merger of J. Walter Thompson MENA with Wunderman MENA to establish Wunderman Thompson MENA, according to data available on Argaam.

Tihama will hold 25% of Wunderman Thompson MENA after completing the transfer of legal ownership and other required regulatory approvals. Tihama's share in Wunderman Thompson MENA's financial results will be recognized as an associate in the financial statements.

The agreements were subject to the completion of the transfer of legal ownership and all other required regulatory approvals before Dec. 31, 2021.

The deadline was extended multiple times: first to June 30, 2022, then to Sept. 30, 2022, followed by Oct. 31, and Dec. 31, 2022.

In 2023, the deadline was changed several more times - first to February 28, then May 30, followed by June 30, and Dec. 31. The extensions continued into 2024, with the deadline moving to June 30 and most recently to Dec. 31, 2024.