WPP Plc agreed to sell its stake in communications consultancy FGS Global to KKR & Co Inc. for $775 million as the British advertising agency streamlines its business to make room for investments in newer technologies.
The sale of the approximately 50% stake gives FGS Global an enterprise value of $1.7 billion, the company said in a statement on Wednesday. KKR will increase its stake in the company to about 80% from 30%.
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