December 03, 2024 07:28 GMT
COMMUNICATIONS: WPP Completes FGS Sale; Not A Spread Mover
COMMUNICATIONS
- WPPLN have complete the sale of their majority stake in FGS Global as announced back in August.
- Q3 had affirmed guidance for a Q4 close. Proceeds to be used to deleverage as previously announced.
- Deal guides for leverage of c.1.6x vs. the c.1.84x average adjusted net debt to headline EBITDA ratio at 30 June.
- WPP bonds have been performing well in recent months with the long-end outperforming peers OMC and PUBFP.
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