May 17 - French advertising group Publicis Groupe will acquire U.S. data collaboration company LiveRamp in an all-cash transaction that puts LiveRamp's enterprise value at about $2.2 billion.
Under the terms of the agreement, Publicis will pay $38.50 for each LiveRamp share, a figure equivalent to a 29.8% premium over LiveRamp's closing share price on May 15 - the last trading day before the announcement. The transaction implies a total equity value of $2.546 billion and factors in acquired net cash of $379 million.
Both companies' boards gave unanimous approval to the deal. Publicis has said the transaction will be earnings-accretive from the first year following consolidation.
Following the announcement, Publicis adjusted its medium-term targets. The group raised its constant-currency growth goals for 2027 and 2028 to 7% to 8% for net revenue, and to 8% to 10% for headline earnings per share. These updates replace the former targets of 6% to 7% for net revenue and 7% to 9% for headline EPS.
LiveRamp provides data connectivity services across a wide set of publishers and technology partners. The company connects more than 25,000 publisher domains and over 500 technology and data partners across 14 markets, and has an employee base of roughly 1,300 people.
The transaction structure and the figures released by the parties place the enterprise value at about $2.2 billion while reflecting a total equity valuation of $2.546 billion after accounting for net cash. Publicis emphasized the first-year earnings accretion when describing the financial impact of the acquisition.
Deal highlights
- Purchase price: $38.50 per LiveRamp share
- Premium to May 15 close: 29.8%
- Total equity value: $2.546 billion
- Acquired net cash: $379 million
- Enterprise value: about $2.2 billion
- Workforce: approximately 1,300 employees at LiveRamp
- Network: more than 25,000 publisher domains and 500+ technology and data partners across 14 markets
The announcement also included updated growth targets for Publicis through 2028, reflecting a higher outlook for revenue and headline EPS growth on a constant-currency basis.