 |
Bank of America walked away from providing financing for Clayton Dubilier & Rice's $520M deal to take Huntsworth private due to the volatility in the global markets.
The transaction ranks as the UK's biggest private equity buyout of the year.
Bloomberg reports that BoA's credit committee refused to sign off on the financial transaction.
Royal Bank of Canada stepped in via a $295M loan and $46M in revolving credits to bankroll the transaction, according to a regulatory filing.
BoA, RBC and boutique firm Houlihan Lokey Inc. served as advisers to CD&R.
Bloomberg noted that it's relatively unusual for a banker to advise a client on a deal and then decide against funding it.
Huntsworth owns Grayling, Red and Citigate Dewe Rogerson.
WPP chief Cindy Rose is cutting up to 1,000 jobs by the end of the year, adding to the 11K jobs lost since the start of 2025, according to a report in the Financial Times.
WPP CEO Cindy Rose declares her stabilization plan is "firmly on track" as the company reports a 4.7 percent dip in 1H revenues.
FTI Consulting reported a 2.6 percent drop in Q2 strategic communications revenues to $100M, a shortfall largely due to a $7.4M decline in pass-through revenues.
Omnicom CEO John Wren reported a 7.2 percent rise in Q2 “core operations” to $6B and a 6.1 percent spurt on an organic basis.
Publicis Groupe’s H1 net revenues inched ahead by 1.1 percent to $8.3B. Organic growth hit the 4.7 percent mark.
