WPP sells its majority stake in FGS Global

WPP has sold its majority stake in leading communications and advisory firm FGS Global to private equity powerhouse KKR in a deal valued at $1.7 billion.

WPP, the owner of agencies Ogilvy and GroupM, announced the sale of its approximately 50% stake in a statement on Wednesday.

The cash transaction will reduce its debt so WPP can ‘focus on and invest in its world-class creative, media and corporate and consumer public relations businesses to deliver growth’.