DDBOmnicom Group division DDB Worldwide Communications Group Inc. will acquire Grupo ABC, Brazil’s largest independent advertising and marketing network.

Terms of the deal were not disclosed, but Reuters on Friday cited a source "with direct knowledge of the transaction," who claimed the acquisition was valued at $270 million. The deal, which adds Grupo ABC's network to DDB’s roster of global agencies, is still pending regulatory approval in Brazil, and is expected to be finalized in early 2016.

Headquartered in São Paulo, Grupo ABC’s network of PR, creative advertising and marketing services agencies is one of the largest in Latin America, and is ranked among the top 25 advertising companies in the world. The communications group is comprised of 30 offices and more than 2,000 employees. Agency clients include AB InBev, Johnson & Johnson, Heinz, BR Food, Walmart, Mitsubishi, Vivo, Procter & Gamble and Telefonica.

The deal furthers Omnicom's reach into the rapidly developing BRIC market. New York-headquartered DDB, which was founded in 1949, holds more than 200 offices in 90 countries. Agency clients include Volkswagen, McDonald's, Unilever, Mars, Johnson & Johnson, and Exxon Mobil, among others.

Since 1997, DDB has held a minority partnership with São Paulo-based DM9, a Grupo ABC agency.

"Grupo ABC is widely acknowledged as an outstanding company with impressive creative work and expertise in a broad range of disciplines," said Omnicom CEO John Wren in a statement. "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."

Grupo ABC founders Nizan Guanaes and Guga Valente, who began the agency group in 2002, will continue in their present roles.