Investing
KKR set to buy stake in communications group FGS Global – FT
© Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid
(Reuters) – Private-equity group KKR is nearing a deal to buy a large stake in FGS Global that will value the financial communications company at about $1.4 billion, the Financial Times reported on Thursday.
The deal could be announced as soon as next week, the FT report said, marking the latest significant investment by buyout groups into the niche sector of communications.
FGS Global is backed by British advertising group WPP (LON:).
KKR is expected to acquire more than 30% of FGS from a combination of senior employees at FGS and WPP, the report said, adding that the British group is expected to retain a majority in the business.
FGS and WPP did not immediately respond to a Reuters request for comment, while KKR declined to comment.
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