Publicis to acquire LiveRamp in $2.2B deal to expand data and AI capabilities

Publicis Groupe has entered an agreement to acquire U.S.-based data collaboration platform LiveRamp in an all-cash transaction valued at approximately $2.2 billion, marking one of the advertising industry’s larger data-focused deals as agencies continue to invest in AI infrastructure and enterprise data capabilities.

Under the agreement, Publicis will pay $38.50 per share for LiveRamp, representing a 29.8% premium over LiveRamp’s closing share price on May 15, 2026. The deal has received unanimous approval from both companies’ boards and is expected to close before the end of 2026, subject to shareholder and regulatory approvals.

The acquisition extends Publicis’ long-running strategy of strengthening its data assets following previous investments such as the $4.4 billion acquisition of Epsilon in 2019. The company said the addition of LiveRamp will support broader initiatives around data collaboration, AI services, and agent-based business systems.

LiveRamp operates a data collaboration platform that allows organizations to connect and activate datasets without directly exposing underlying customer information. The company works with more than 25,000 publisher domains and over 500 technology and data partners across 14 markets, serving brands, retailers, media companies, and data providers. It employs roughly 1,300 people globally.

Publicis plans to position LiveRamp alongside its existing technology stack, including Publicis Sapient, Epsilon, and its Marcel platform. The company indicated that LiveRamp’s clean room capabilities, partner ecosystem, and data connectivity tools will be used to support AI-driven workflows and enterprise automation initiatives.

The transaction also prompted Publicis to revise its medium-term financial outlook. The group increased its constant-currency targets for both 2027 and 2028, now expecting net revenue growth of 7% to 8%, compared with its previous forecast of 6% to 7%. Headline earnings-per-share growth expectations were also raised to 8%–10%, up from the earlier 7%–9% range.

Publicis stated that LiveRamp is expected to contribute positively to earnings from the first year after consolidation, excluding transaction-related costs.

Following the acquisition, LiveRamp will continue operating as an independent and interoperable platform under CEO Scott Howe, who will report directly to Publicis CEO Arthur Sadoun. The company said existing customers and partners will continue to have open access to LiveRamp’s services, while current privacy commitments and commercial agreements will remain unchanged.

The move comes as major advertising groups increase investments in data infrastructure, identity solutions, and AI technologies to support campaign automation and emerging agentic systems.

Publicis said it expects to finance the acquisition through a combination of cash reserves and debt while maintaining its current investment-grade ratings. The company added that leverage is expected to normalize within two years after the transaction closes.