Omnicom Group’s DDB Worldwide is aiming to strengthen its Latin American presence with the purchase of Brazilian advertising company Grupo ABC for a reported 1bn REAL (BRL) ($270m).

According to reports, Omnicom has agreed to pay around 15 times annual operational earnings for the company, taking advantage of the Brazilian currency slump which has seen the BRL lose about 70% of its value.

Founding partners Guga Valente and Nizan Guanaes have agreed to continue to lead the company for five years.

“This is a world of disruption, scale and innovation and Omnicom will empower our companies to compete in times of extraordinary technological changes,“ said Valente.

“Omnicom has the most creative and awarded agencies in the world and that is something that really matters to me and to all of us in ABC,” added Guanaes. “Together we will be better prepared to serve our clients with all of the innovation and digital capabilities that modern business are demanding nowadays.”

Thomson Reuters deals intelligence data shows that this might be the largest media and advertising industry deal in Brazil since 2008.

This is not the first time that New York-based Omnicom has looked to boost its Latin American publicity, branding services and content offering, following last year’s failed merger with Publicis Groupe.

“This partnership will further unite two companies that have long held the same values and creative ambitions,” said DDB Worldwide chief executive officer Chuck Brymer.

“I have known Nizan and Guga for more than a decade and have sincerely admired their success and influence both in and out of Brazil,” he added. “It is a tremendous addition to both DDB and Omnicom and we are excited at the opportunity to utilise our combined assets to help our clients generate growth.”

Grupo ABC was founded in 2002 with the aim of starting one of the largest and most relevant advertising groups in the world, headquartered in Brazil.

The international group includes agencies like Pereira & O’Dell, DM9, Sunset, Dojo and Africa Global, covering public relations, CRM, digital, promotions, events and advertising.

“Grupo ABC is widely acknowledged as an outstanding company with impressive creative work and expertise in a broad range of disciplines,” said Omnicom Group president and chief operating officer John Wren.

“Over the years, Grupo ABC have been great partners of Omnicom and their depth of talent will strengthen our business capabilities not only in Brazil but around the world.”

The transaction is subject to regulatory approval in Brazil and is expected to close by the first quarter of 2016.