In a statement, Grey said it wanted to ‘consolidate’ its PR and public affairs investment behind its other PR and public affairs agency, GCI Group.
Grey, which owns 70 per cent of APCO, has retained investment bank Bear Stearns to find potential buyers.
APCO’s US-based president and CEO Margery Kraus, who owns the remaining 30 per cent, expressed an interest in private equity buyers, saying she was ‘excited about broadening the ownership’ of the agency.
A statement said the planned sale was consistent with Grey’s strategy of having only one global business unit in each comms discipline.
Meanwhile, GCI London suffered seven redundancies last week. GCI UK chief executive Adrian Wheeler said three marcoms staff had been laid off as marcoms division head Richard Medley, who joined in August, sought to ‘restructure’ the now-24-strong division to further expand into ‘youth and food’ clients.
Four other redundancies resulted from the end of a contract to promote the London Bus Initiative for Transport for London, Wheeler added.