Roland Rudd has led the People's Vote campaign against the Brexit referendum. Campaigner Roland Rudd is in line for a paycheck of tens of millions of pounds as a large private equity firm surrounds his financial communications group. Rudd's FGS Global business.
The deal, expected to close next week, would value the group at $1.4bn (£1.1bn).
KKR will acquire over 30% of the shares in the PR firm. Advertising giant WPP, which currently owns about 58% of the company, will cut its stake to just over 50%.
FGS top executives and bosses will collectively collect a payment of around £200m with Mr. to Rudd. is valued in the tens of millions.
Golden Gate, another US private equity firm holding approximately 7% of the shares, will be bought out of business.
The deal will be Mr. Rudd, who created the Finsbury agency in 1994 and sold a majority stake in WPP in 2001.
Finsbury expanded through a three-way merger with German communications group Hering. Schuppener and the Glover Park Group of Washington, D.C. in 2020.
The following year, she bought New York agency Sard Verbinnen and renamed it FGS Global.
Mr. Rudd was a vocal opponent of Brexit. after the referendum.
He was chairman of the People's Vote campaign, which called for a second vote, but resigned in 2019 after orchestrating a board coup that brought down the movement.
The Popular Vote campaign failed after the 2019 board coup. Photo: HOLLI ADAMS/EPA-EFE/REX. amid renewed interest in London's financial communications industry.
Teneo, backed by private equity firm CVC, signed a deal to buy smaller competitor Tulchan for £70m earlier this year.
KKR has been a client of FGS for nearly two decades and sources say the deal will cut costs across the group.
The sale of the stake is also an incentive for WPP, which is trying to scale back its sprawling business under a chief CEO Mark Reed.
FGS had planned to go public next year, but KKR's investment is likely to push that goal back several years.
>FGS, KKR and WPP declined from comments.
Свежие комментарии