WPP gives in on ADK sale to Bain Capital

WPP CEO Martin Sorrell. Photo: Pierre Metivier / Flickr cc

WPP, the world's largest advertising agency, has agreed to sell its 24.7% stake in Japanese agency Asatsu-DK (ADK) to private equity firm Bain Capital for $1.35 billion.

Why it matters: The agreement ends a two decades plus relationship between WPP and ADK, and comes after months of feuding between the three parties. It also is the first-ever buyout of a major Japanese ad agency.