Publicis Acquires LiveRamp for a Company Value of $2.167 Billion and Raises Its Targets
Publicis Groupe has reached an agreement to acquire LiveRamp, a global data collaboration platform, for a company value of $2.167 billion. The acquisition is expected to be accretive to earnings per share from the first year and will enable the group to raise its growth outlook for 2027 and 2028.
A Strategic Acquisition at $38.50 per Share
Publicis Groupe will acquire LiveRamp at a price of $38.50 per share, representing a 29.8% premium over the closing price on May 15, 2026. The total enterprise value is set at $2.167 billion, while the equity value reaches $2.546 billion, incorporating a net cash acquisition of $379 million. The transaction, unanimously approved by the boards of directors of both companies, is expected to be finalized by the end of 2026, subject to regulatory approvals and the approval of LiveRamp's shareholders.
Publicis intends to finance the acquisition through available cash and debt, while maintaining its financial profile compatible with its current BBB+/Baa1 ratings. The group's maximum net financial leverage is expected to remain limited to 1.2 times in 2027, with full debt repayment anticipated within two years following completion.
Enhanced Growth Targets for 2027 and 2028
Publicis raises its constant currency growth targets for 2027 and 2028. Net revenue growth is increased from +6% / +7% to +7% / +8%, while current earnings per share growth moves from +7% / +9% to +8% / +10%. The acquisition is expected to be accretive to current EPS from the first year of consolidation, excluding transaction-related costs.
For 2026, Publicis confirms its forecasts: organic growth of 4% to 5%, a slight improvement in the operating margin rate compared to the 18.2% recorded in 2025, and a free cash flow before changes in working capital requirements of around 2.1 billion euros.
LiveRamp, an Established Data Collaboration Platform
LiveRamp is a global platform that enables companies to unify, manage, and activate their data across the digital ecosystem. It connects over 25,000 publishers and more than 500 technology partners across 14 markets. The company has 1,300 employees and has recorded an average annual growth rate of 13% over five years. Following the acquisition, Scott Howe will retain his position as CEO of LiveRamp and will report directly to Arthur Sadoun, CEO of Publicis Groupe.
