WPP Sells $775 Million Stake in PR Firm FGS Global to KKR (1)

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%.

WPP has restructured its stable of advertising brands to save costs and announced a plan to spend hundreds of millions of pounds on new technologies including ...