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KKR private equity firm is closing in on a deal to purchase WPP’s 50.5 percent stake in FGS Global for about $800M.
The transaction values the financial communications shop at $1.6B, according to the Financial Times.
It will bolster KKR’s stake in FGS from 30 percent to 80 percent. The PR firm’s management and partners will hold the remaining shares.
The transaction is expected to bolster WPP’s lagging stock price, and enable CEO Mark Read to focus on his plan to position as a tech-focused creative transformation enterprise.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
