Social media agency network We Are Social is being bought by Chinese marketing services group, BlueFocus Communication Group, for an initial consideration of £18.7m, with further performance-based consideration over a three-year period. The money will buy BlueFocus an 82.8 per cent stake in the company, which will continue to operate as an independent brand under the leadership of its existing management team.

We Are Social was founded in 2008 by Robin Grant and Nathan McDonald, and currently employs 400 people in eight offices: in New York, London, Paris, Milan, Munich, Singapore, Sydney and ?São Paulo. Clients include adidas, Heinz, Kimberly-Clark, Mondel?z, Heineken, eBay, Jaguar, Intel, Moët & Chandon and Expedia. The company’s turnover last year was £23m and it is forecasting sales of £35m for the current financial year.

BlueFocus is China’s largest marketing services group, listed on the Shenzhen stock exchange with a market capitalisation of $3.7bn (£2.3bn). The company’s stated ambition is to grow its revenues ten-fold over the next 10 years.

It owns public relations, media buying, experiential, digital, digital advertising and network gaming businesses in China. 50 per cent of its current revenues come from digital. BlueFocus and We Are Social have a number of mutual clients, including Lenovo, Jaguar Land Rover and Cisco.

We Are Social says the deal will continue its fast growth trajectory, build out its global infrastructure and expand into further key markets. It will become BlueFocus’ primary digital agency brand outside China.

“This is an incredibly exciting opportunity for We Are Social,” said co-founder and global managing director, Robin Grant. “The partnership will allow us to continue investing in our brand and our culture, deliver increased scale and better infrastructure to our clients, and accelerate our mission to put social thinking at the centre of marketing. China is also central to both our and our clients’ plans for future growth, and the alliance with BlueFocus will give our clients unparalleled insight into this important fast-growing economy.”

The transaction is subject to Chinese regulatory approval, which is expected to be received within three months