WPP (GB:WPP) has released an update.
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WPP plc has announced the sale of its majority stake in FGS Global to Kite Bidco Inc., controlled by KKR, for $1.7 billion, enhancing shareholder value and strengthening its balance sheet. The deal, expected to be earnings neutral by 2025, will allow WPP to reduce leverage and focus on growth in core creative and public relations sectors. Completion of the transaction is anticipated by the end of 2024, pending regulatory approval.
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