Y&R announces stock sale

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As expected, Young & Rubicam on Monday announced an agreement to sell a minority stake to San Francisco buyout firm Hellman & Friedman. The sale is one of several steps being taken in a recapitalization that should be completed by the first quarter of 1997.

"The overriding goal of our plan is to make Y&R and its various companies even more effective in achieving our mission to be our clients' most valued business partners in the building of brands," said Y&R Chairman-CEO Peter Georgescu. Terms of the recapitalization were not revealed, but H&F partner Warren Hellman said the investment in Y&R will be his company's largest equity commitment to date.

As part of the deal, H&F will receive minority representation on Y&R's board.

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