WPP and Providence agree Chime deal for 374 mln stg
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)