WPP reported in a regulatory filing today that it has completed the transaction to sell a majority stake in FGS Global to KKR-backed Kite Bidco Inc., for $775 million in cash.  

The proposed deal was first announced in August.  

WPP said the proceeds will be used to reduce WPP's debt. The transaction has no impact on WPP's current year or medium-term guidance and is expected to be broadly earnings neutral in 2025.  

KKR bought a roughly 30% stake in FGS Global last year at a price that put a value on the company of an estimated $1.4 billion.   

At the time of the transaction, FGS Global had 1,300 experts around the world in 27 offices.  

WPP created the company in 2021 by merging strategic communications and public affairs firms Finsbury, The Glover Park Group, Hering Schuppener and Sard Verbinnen & Co.