Private equity firm KKR & Co Inc (KKR.N) has agreed to buy a significant stake in FGS Global in a deal that values the financial communications group at about $1.4 billion.

As part of the deal, KKR will buy up a 30% stake from senior employees at FGS Global and its largest investors, including London-based advertising giant WPP Plc (WPP.L). WPP, which was founded by Martin Sorrell, will retain a majority stake in FGS Global.

Existing investor Golden Gate Capital is selling its entire stake to KKR, which is investing in FGS Global through its $8-billion European Fund VI.

“What we’ve been doing is to really back exceptional management teams in growth industries where we can bring more than just capital to the table. We believe the strategic communications space is absolutely at an interesting and pivotal point,” said Philipp Freise, co-head of European private equity at KKR.

FGS Global was formed out of a 2021 merger between U.S.-based Sard Verbinnen & Co and Finsbury Glover Hering, in a deal that valued the combined firm at about $917 million. Earlier in 2021, Finsbury Glover Hering was formed out of a tie-up between Finsbury, the Glover Park Group and Hering Schuppener.

Read more: Reuters