Publicis Groupe announced on Sunday it would acquire LiveRamp in an all-cash transaction valued at $2.167 billion, deepening the French advertising group’s investments in data, artificial intelligence and addressable advertising services.
The acquisition price was set at $38.50 per share, giving the deal a total equity value of $2.546 billion, including acquired net cash of $379 million, according to a company statement.
“LiveRamp joining Publicis Groupe is the latest demonstration of our commitment to investing in new talent and innovation, ahead of market shifts,” Arthur Sadoun, chairman and chief executive of Publicis Groupe, said in the statement.
The transaction was unanimously approved by the boards of directors of both companies.
Deal Builds On Previous Identity, Data Investments
The acquisition places Publicis in a stronger position in addressable advertising and follows a series of investments aimed at expanding its technology and data capabilities.
The company previously acquired Epsilon for $4.4 billion in 2019 and bought Lotame in March 2025.
Publicis combined Lotame’s identity graph with Epsilon’s global consumer profiles to strengthen ad-targeting capabilities. LiveRamp adds additional audience data and expands clean-room services within the company’s identity and audience stack.
Publicis said LiveRamp’s data, ad-targeting and agentic expertise were central to the acquisition. The company highlighted “data co-creation,” which allows companies to connect multiple high-value data sources securely to create proprietary data assets for clients.
The statement added that 93% of companies currently lack the right data needed for AI success.
Publicis Raises Growth, Earnings Objectives Through 2028
Following the acquisition, Publicis raised its 2027 and 2028 constant-currency growth targets.
The company now expects net revenue growth of between 7% and 8%, compared with previous guidance of 6% to 7%. Headline earnings per share growth is projected at between 8% and 10%, up from earlier expectations of 7% to 9%.
Publicis said the acquisition is expected to be accretive to headline earnings per share from the first year of consolidation, excluding transaction-related costs.
LiveRamp Reports Fiscal 2026 Revenue Growth
The acquisition announcement coincided with LiveRamp’s release of fourth-quarter and full-year fiscal 2026 results.
For the fiscal year ended March 31, 2026, LiveRamp reported total revenue of $813 million, up 9% year over year. Subscription revenue rose 8% to $614 million, while Marketplace and Other revenue increased 12% to $199 million.
Annualized recurring revenue reached $545 million, up 8%, while subscription net retention improved to 107%.
Instead of holding a standalone earnings conference call, the companies said they would host a joint call on Monday to discuss the transaction.
LiveRamp To Operate Separately After Acquisition
Following completion of the acquisition, LiveRamp will continue operating as a separate company under chief executive Scott Howe, who will report directly to Sadoun.
Publicis said LiveRamp would benefit from additional investment and expanded innovation capabilities while maintaining interoperability and neutrality for clients, publishers and partners.
