The Bundeskartellamt has cleared investment company KKR’s acquisition of the majority of shares in and sole control of consultancy firm FGS Global. Both companies are headquartered in New York, USA, and also have subsidiaries in Germany. 



FGS’s core business is advising large corporations, particularly in the areas of transaction and financial communications (in M&A transactions, for example), crisis and issues management and public affairs. FGS Global was formed from the combination of four consultancy firms – Sard Verbinnen & Co (established in the US in 1992), Finsbury (established in the UK in 1994), Hering Schuppener (established in Düsseldorf, Germany, in 1995) and The Glover Park Group (established in the US in 2001).



Andreas Mundt, President of the Bundeskartellamt: “Corporate communications consultancy is a business worth billions of euros in Germany alone. By acquiring a majority share in FGS Global, KKR adds one of the world’s leading financial PR agencies to its portfolio. Our findings have shown that there are no overlaps in terms of competition between the takeover target and other companies controlled by KKR in the business areas concerned, nor are any other competition problems expected to arise. The fact that some of KKR’s portfolio companies are potential clients of FGS does not change this either. There are many different players, both on the side of those providing consultancy services and on the side of those seeking consultancy services.”



The corporate communications consultancy industry is becoming increasingly global. This is in line with an industry trend largely set by clients: The client base includes many large international companies which expect themselves and their consultants to create a consistent image and maintain consistent communication throughout the world. This transforming industry trend is further driven by the involvement of investment and private equity firms.



The notified transaction was preceded by KKR’s acquisition of a minority share in FGS Global in 2023, which was reviewed and cleared by the Bundeskartellamt. The purpose of the current project is to increase this shareholding in order to acquire sole control of the firm.

Bundeskartellamt Approves KKR's Acquisition of FGS Global Stake

The Bundeskartellamt has cleared investment company KKR's acquisition of the majority of shares in and sole control of consultancy firm FGS Global, both based in New York, USA, with subsidiaries in Germany.

    FGS Global, formed from the merger of four consultancy firms, specializes in advising large corporations on transaction and financial communications, crisis management, and public affairs.

    The approval by the Bundeskartellamt highlighted the absence of competition concerns, noting the global nature of corporate communications consultancy and the increasing involvement of investment firms in the industry.

    KKR's initial minority stake acquisition in FGS Global in 2023 was previously reviewed and cleared by the Bundeskartellamt, with the current transaction aimed at obtaining sole control over the consultancy firm.



Bundeskartellamt Approves KKR's Acquisition of FGS Global Stake

The German competition authority has approved KKR's acquisition of a majority stake in consultancy firm FGS Global, allowing the investment company to gain sole control over the business.