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The acquisition supports TNS' strategy for growth in the Middle East, Africa and India. Research Surveys is based in Cape Town with offices in Johannesburg and Durban. Research Surveys was previously a subsidiary of South African investment holding company Adcorp Holdings. TNS did not disclose the percentage stake it has acquired in Research Surveys nor the amount paid.
David Lowden, chief executive of TNS, said: "This move gives us a strong presence in South Africa and wider still into sub-Saharan Africa. It enables us to expand our local client base and give those South African clients access to the TNS global network and the extensive research expertise that represents."
TNS was understood to have received several takeover bids from private equity firms in July 2006, after the company's share price plunged. TNS issued a profits warning and announced its turnover at its US division was declining, however this move would suggest that 2007 will be a little healthier for TNS than 2006.
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