Octagon buys South African event management company

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JOHANNESBURG--Octagon Worldwide, the sports marketing and entertainment company owned by the Interpublic Group of Cos., has acquired a South African event management company, ESPM Legends, and merged it with its existing business here, Octagon South Africa. The price has not been disclosed, but is believed to exceed $3 million.

The enlarged business has a staff of more than 100. The biggest company of its kind in the country, the skills it offers include event management and sponsorship, licensing, merchandising and athlete representation. Event marketing is South Africa's fastest-growing marketing medium, with growth averaging 22% a year for the past decade. Last year an estimated $270 million was spent on sponsorship and back-up advertising, equivalent to around 14% of total marketing expenditure.

Copyright September 2000, Crain Communications Inc.

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