Stock Market News

WPP agrees to sell stake in FGS Global to KKR for $775 million

08/07/2024

Less than a minute

2024.08.07 02:10

© Reuters. FILE PHOTO: Branding signage for WPP, the largest global advertising and public relations agency at their offices in London, Britain, July 17, 2019. REUTERS/Toby Melville/File Photo

LONDON (Reuters) – British ad group WPP (LON:) on Wednesday agreed to sell its controlling stake in FGS Global to minority shareholder KKR for $775 million, implying an enterprise value for the financial PR agency of $1.7 billion.

WPP, which also downgraded its 2024 guidance on Wednesday, said it would use the proceeds to reduce its debt.

08/07/2024

Less than a minute

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