LONDON — WPP has agreed to sell its 50.5% stake in FGS to KKR, in a deal that values the financial consultancy at $1.7bn. 

The deal builds on KKR's acquisition of a minority stake in FGS in 2023, taking its ownership to 74% of the firm. FGS’ 500+ employee shareholders will own approximately 26% of the company.

Focusing on corporate communications, financial communications and public affairs, the transaction also enables FGS to position itself as a standalone player. "Our enhanced strategic partnership with KKR is a clear signal of their confidence in our ability to scale and enhance our position as the preeminent consultancy helping leaders successfully navigate the stakeholder economy," said FGS global CEO Alex Geiser.

"With KKR’s reinforced support, we're poised to accelerate our growth, attract and empower new talent, and further our commitment to value creation that benefits all our stakeholders, especially our clients and employees," added Geiser.

Founded by Roland Rudd in 1994, Finsbury was sold to WPP in 2001 before merging with WPP siblings Glover Park and Hering Schuppener in 2019. In 2021, Finsbury Glover Hering also acquired New York-based financial communications specialist Sard Verbinnen and shortly thereafter rebranded as FGS Global, reporting estimated fee income of $455 million in 2023.

Since then, the firm has established itself as a global leader in the lucrative mergers and acquisitions arena, topping mergermarket’s ranking of global advisors on financial transactions. But it is also a major player in corporate communications—including crisis communications, litigation support, and employee engagement—and public affairs, including geopolitical issues. It has advised clients on situations ranging from the development of the Covid-19 vaccine to whether to do business in Russia in the wake of the invasion of Ukraine and has positioned itself as "the strategic advisor for the stakeholder economy."

"Our investment in FGS reflects our strong commitment to strategic partnerships, where we provide long-term capital and global resources to entrepreneurial teams and world-class businesses," said Philipp Freise, partner and co-head of European private equity. "We strongly believe in FGS’s strategy and leadership and have been pleased with our partnership since our minority investment in July 2023. In today's increasingly complex stakeholder ecosystems, the value of FGS’s insight, advice and execution is increasingly essential for organizations to navigate uncertainty and achieve their goals."