$38.50 per share in Publicis deal tied to LiveRamp delisting
Key Facts
Publicis' acquisition of LiveRamp sets cash consideration of $38.50 for each eligible share upon the merger's effectiveness, after which the company's shares will cease trading publicly on the New York Stock Exchange. This means the delisting is tied to the deal's closing, rather than to a separate date announced by the company. LiveRamp shareholders approved the merger agreement proposal at the special meeting, according to the voting results statement. But the company's quarterly filing said closing was expected by the end of calendar year 2026, subject to customary closing conditions and regulatory approvals. Publicis also said the deal was expected to be completed before the end of 2026, subject to shareholder approval, regulatory requirements and other conditions.
Publicis valued the deal's enterprise value at $2.167 billion, while total equity value was $2.546 billion, including $379 million in net cash acquired. The $38.50 per-share price represents a 29.8% premium to LiveRamp's closing price on May 15, 2026, the last full trading day before the deal was announced. These figures provide a basis for comparing the cash consideration per share with its pre-announcement price, while enterprise value and equity value are different measures of the deal. The available information did not include official confirmation that the merger had closed or an exact delisting date. The share delisting therefore remains an expected consequence of the deal becoming effective, not an event that has already occurred.
On October 19, 2026, Publicis announced that it had reached an agreement with the U.S. Federal Trade Commission on commitments proposed by the group as part of the acquisition. According to Publicis, the commitments include ensuring clients are free to use LiveRamp's services independently and that its products and services are available on fair, reasonable and non-discriminatory terms. They also address data protection and interoperability, with regular independent compliance audits. Publicis said LiveRamp would continue to operate as a neutral, interoperable platform, maintaining open access to its services and protecting client data under existing contractual commitments. The conditions link approval of the deal to continued client access to the platform across the ecosystem.
The Federal Trade Commission said its concerns included the possibility of reduced competition in media agency and audience data services. It also cited the possibility that Publicis could use LiveRamp client data to pressure them to switch to the group's services. Under the proposed order, Publicis and LiveRamp must provide non-discriminatory access to LiveRamp's standalone products for 5 years and establish firewalls for client data, with independent compliance audits. These requirements set a timeframe for the commitments on access and data. The commission voted 2-0 to issue the complaint and accept the consent agreement for public comment on October 19, 2026, and opened a 30-day public comment period.
The deal comes as LiveRamp reported revenue of $214 million in the quarter ended June 30, 2026, up 10% year over year. Subscription revenue was $160 million, up 8% year over year, according to results for the first quarter of fiscal 2027. The results provide context for the company's business ahead of its expected move to Publicis, and highlight growth in total and subscription revenue over the same period. In announcing the deal, Publicis said LiveRamp would continue to operate its neutral platform, with its services available across the ecosystem. Terms on access and client data protection remain part of the announced acquisition arrangements.
The next regulatory step announced is the 30-day public comment period on the Federal Trade Commission's proposed consent agreement. LiveRamp Chief Executive Scott Howe said the deal remained on track to close before the end of calendar year 2026. This is consistent with the company's filing, which forecast completion by year-end, and Publicis' estimate that closing would occur before then, subject to the deal's conditions being met. Upon the merger's effectiveness, the agreement provides for each eligible share to be converted into the right to receive $38.50 in cash, without interest, after which the shares will cease public trading and be delisted from the New York Stock Exchange. The public filing did not specify a confirmed date for those steps.