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Sun 7 Jan 2007 04:00 AM

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HSBC acquires significant stake in Flip Media

HSBC Private Equity Middle East has bought a "significant" stake in Dubai-based interactive marketing agency Flip Media.

HSBC Private Equity Middle East has bought a "significant" stake in Dubai-based interactive marketing agency Flip Media.

While details of the deal remain secret, Martin Diessner, CEO at Flip Media, said that majority control of the business was retained by Flip.

He said HSBC's stake would enable the agency to expand into other countries across the Middle East.

HSBC has acquired a stake in Flip Media Investments, which is the holding group of interactive marketing agency Flip Media, online media agency Neo Digital and Flip Media Pvt in India, among others.

Diessner said: "The involvement of HSBC increases our range of opportunities as we now have the support and involvement of one of the world's leading financial institutions as a major shareholder who has extensive experience in the region and is committed to helping us develop further.

"Our focus is on growth and getting stronger in the region to maintain our market share in a market that is continuously growing."

The company plans to open an office in Qatar early this year as well as establishing a presence in Saudi Arabia.

David Price, managing director at HSBC Private Equity Middle East, said: "We are very pleased to be investing in Flip Media.

"It is one of the most recognised digital agencies in the region and it has a proven track record across the Middle East and beyond. Our investment is intended to provide a strong institutional platform for the company's further regional growth."

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