Publicis Groupe has agreed to acquire US-based LiveRamp in an all-cash transaction worth $2.16bn, as the French advertising group seeks to strengthen its data and artificial intelligence (AI) capabilities.
LiveRamp operates a global data collaboration platform that connects more than 25,000 publisher domains with over 500 technology and data partners across 14 markets.
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The company, which has around 1,300 employees, provides tools that allow brands, retailers, media companies and data providers to consolidate, manage and activate data across digital platforms.
Under the agreement, Publicis will purchase LiveRamp for $38.5 per share, representing a 29.8% premium to LiveRamp’s closing share price on 15 May 2026.
The transaction values the company’s equity at $2.54bn, including acquired net cash of $379m.
Following completion, LiveRamp will continue operating as a neutral and interoperable platform under chief executive Scott Howe, who will report directly to Arthur Sadoun, chairman and CEO of Publicis Groupe.
Sadoun said: “LiveRamp joining Publicis Groupe is the latest demonstration of our commitment to investing in new talent and innovation, ahead of market shifts.”
LiveRamp’s financial performance will be included within Publicis’ Technology segment alongside Publicis Sapient.
According to Publicis, the deal will combine LiveRamp’s “clean room” and data connectivity technology with the identity capabilities of Epsilon and the technology services offered by Publicis Sapient.
The company said the acquisition is expected to contribute positively to headline earnings per share (EPS) from the first year of consolidation, excluding costs linked to the transaction.
Publicis also revised its constant currency targets for 2027 and 2028.
It now expects net revenue growth of 7%-8% and headline EPS growth of 8%-10%, compared with earlier forecasts of 6%-7% and 7%-9%, respectively.
The boards of both companies have unanimously approved the deal.
Publicis expects the acquisition to close before the end of 2026, subject to regulatory clearances, shareholder approval from LiveRamp investors and other customary closing conditions.
The company said the transaction would be financed through existing cash reserves and debt funding.
Publicis also reaffirmed its 2026 guidance, maintaining expectations for 4%-5% organic growth in net revenue, a modest rise in operating margin from 18.2% recorded in 2025, and free cash flow before changes in working capital of around €2.1bn ($2.44bn).
LiveRamp CEO Scott Howe added: “Our customers and partners have always been our North Star, and by joining forces with Publicis, we will have greater resources and flexibility to scale our business, continue innovating our platform, and help them unlock even greater value from their data.”
