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WPP and Providence agree Chime deal for 374 mln stg

Reuters - UK Focus

LONDON, July 31 (Reuters) - Martin Sorrell's WPP (LSE: WPP.L - news) and buyout firm Providence agreed on Friday to buy British marketing group Chime Communications (LSE: CHW.L - news) for 374 million pounds ($584 million) in a bid to turn the smaller group into a global sports marketing agency.

The deal for Chime, founded by Margaret Thatcher's former media adviser Lord Bell, marks a premium of 33 percent and comes after the companies revealed the talks earlier this week.

($1 = 0.6406 pounds) (Reporting by Kate Holton, Editing by Paul Sandle)