German market research company GfK announced Friday it is buying the British research group NOP World for 550 million euros (704 million dollars). GfK said the purchase, subject to the approval of regulatory authorities, will be financed through lines of credit. GfK might also tap into its own existing authorized capital. NOP World, a subsidiary of the British media group United Business, reported turnover of 416 million dollars in 2004 and an operating profit of 46 million dollars. It is chiefly active in the United States, Britain and Italy. GfK said that with the acquisition, its annual revenues, now at some 670 million euros, will top the 1 billion euro level. GfK would then stand to become world's fifth-largest market research group. The Nuremberg-based company said that the transaction would strengthen its position in such areas as media, automotive and healthcare research and custom research. GfK said it expected regulators to approve the purchase by the end of May. "With the acquisition of NOP World, we are significantly expanding our global position," said GfK chief executive Klaus L. Wuebbenhorst,. "We look forward to welcoming the highly-qualified NOP World staff to the worldwide GfK network."
