Private-equity major KKR is closing in on a deal to acquire a significant stake in FGS Global that will value the financial communications company, which is backed by UK advertising group WPP, at about $1.4 billion, according to a report by The Financial Times.

Unnamed FT sources have revealed the the deal, which could be announced as soon as next week, is expected to see KKR acquire more than 30% of the business from senior employees at both FGS and WPP.

WPP, which currently owns about 57.4 per cent of the company, is expected to retain a majority in the business.