Armando Testa buys stake in Edv

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Armando Testa, Rome, Italy's largest advertising company, continued its recent trend of growing via acquisitions by acquiring a 51% stake in Turin-based Internet specialty agency Edv. Terms of the deal were not disclosed.

Armando Testa, founded in 1946, says it will fold some of Edv's operations into Testaweb, the company's homegrown Internet advertising subsidiary.

The 40-employee Edv was one of the first Italian agencies to specialize in Internet-based advertising. It was founded in 1997.

"With the union of these two companies, we feel we can offer a unique and complete service," Armando Testa President Marco Testa says. "With the Internet, having an idea is not enough. A company has to know how to develop the software necessary to use the idea online. Starting today, we can do all of that internally."

The acquisition is the second in as many months for the Milan-based agency. In January, Armando Testa acquired 51% ownership in Bologna-based rival Max Information.

Armando Testa is the largest ad agency in Italy in terms of revenue.

Copyright February 2001, Crain Communications Inc.

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