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

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.