The closing of the transaction is expected by the end of 2026, subject to regulatory approvals and the consent of LiveRamp shareholders.

LiveRamp generated revenue of 813 million dollars during the fiscal year ended March 2026. Its operating income stood at 83 million dollars, with a net profit of 146 million dollars.

With this acquisition, Publicis continues to bolster its operations in technology, data, and artificial intelligence, following the 2019 acquisition of Epsilon. Already partners since the beginning of 2026, the two groups aim to better leverage advertisers' first-party data within a secure environment.

Publicis intends to combine LiveRamp's technologies with assets already owned by Publicis, notably Epsilon, Publicis Sapient, and the Marcel platform, to develop AI solutions powered by secure proprietary data. LiveRamp will be integrated into the group's Technology segment alongside Publicis Sapient, while maintaining its neutral and interoperable positioning, which is considered one of its primary strengths.

On the financial front, Publicis anticipates approximately 50 million euros in cost synergies and estimates that the transaction will be accretive to underlying earnings per share from the first year. The group confirmed its 2026 targets and raised its ambitions for 2027-2028, now forecasting net revenue growth of between 7% and 8%, up from 6% to 7% previously, as well as an 8% to 10% increase in underlying earnings per share.

Financial targets confirmed

Publicis also confirmed its financial targets for 2026. The group is aiming for organic net revenue growth of between 4% and 5%, accompanied by a slight improvement in operating margin compared to 2025. Free cash flow before changes in working capital is expected to be around 2.1 billion euros.

'The price paid appears high, with a multiple of approximately 12.3 times estimated 2026 EBITDA after synergies, but this valuation level reflects LiveRamp's technology profile, stronger growth, and recurring revenues', notes Oddo BHF, which has an outperform rating on the stock. It added: 'The price remains defensible given LiveRamp's tech profile. The main point of focus will be execution: Publicis must preserve LiveRamp's neutrality while integrating it sufficiently with Epsilon, CoreAI, Publicis Sapient, and Marcel to create value'. For Citi, which raised its price target on Publicis to 90 euros from 88 euros, this acquisition will sustainably strengthen the group's growth profile and competitive advantage over its peers.

According to analysts at AlphaValue, this announcement should allow Publicis to further strengthen its positions in data and artificial intelligence, two segments considered central to the future of the advertising sector.

Since the beginning of the year, Publicis shares have declined by 11%.