An initial public offering could be the next big spin for WPP’s public relations gurus, writes dasha_reuters
Public relations firms Finsbury Glover Hering and Sard Verbinnen will merge, FGH’s majority owner, advertising group WPP, said on Oct. 13. The transaction values the combined group’s equity value at $917 million, and SVC at $303 million.
WPP will remain as the majority shareholder of the combined group, holding 57% of the total issued share capital of the new company. FGH managers will hold 25.9% of combined group’s shares while SVC shareholders will own the remaining 16.6%. SVC’s shareholders, private equity firm Golden Gate Capital and SVC’s managers, have the option to require that WPP purchases their shares in the new group at multiples of profit that are at a material discount to the Oct. 13 deal, WPP said in a statement.
The companies’ pro forma combined 2020 revenue was more than $330 million. SVC’s George Sard will join FGH’s Roland Rudd and Carter Eskew as co-chairmen. As at Dec. 31, 2020, FGH had gross assets of $427 million and profit before tax of $54 million, and SVC had gross assets of $52 million and profit before tax of $36 million.A worker looks at his phone in the Canary Wharf business district in London, Britain, February 26, 2014.
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