According to a report by the Financial Times, global investment firm KKR is approaching a deal to acquire a large stake in FGS Global that will value the latter at nearly $1.4 billion.
FGS Global is backed by advertising group WPP.
According to the report, KKR may acquire over 30% of FGS Global from a combination of senior employees at FGS and WPP.
Meanwhile, the British advertising group is to keep its majority stake in FGS, the Financial Times reported.
The media also said the deal could be announced as early as next week and would mark the latest formidable investment in the financial communications sector.
The shares of KKR & Co Inc (KKR) closed 1.00% ($0.50) lower at $49.31 in New York on Thursday, while extending losses from the previous three trading sessions.
The private equity firm’s total market cap now stands at $42.461 billion.
The shares of KKR & Co Inc have risen 6.23% so far this year, following a 37.69% loss in 2022.