LiveRamp (RAMP) M&A announcement summary

Deal rationale and strategic fit

• Acquisition positions the group as a leader in data co-creation, enabling clients to build smarter AI agents and drive agentic business transformation.

• Expands addressable market, unlocking a $1 trillion agentic business transformation sector by 2029.

• LiveRamp's platform enhances secure, multi-party data collaboration, unifies fragmented data, and complements existing technology and AI assets.

• Builds on a successful long-term partnership and strong cultural fit, leveraging LiveRamp's global technology, client base, and talent.

• Enables clients to generate proprietary intelligence and continuously train AI models with dynamic, co-created data.

Financial terms and conditions

• All-cash transaction with an enterprise value of $2.167 billion and equity value of $2.546 billion at $38.50 per share, a 29.8% premium to LiveRamp's closing price on May 15, 2026.

• Implied forward adjusted EBITDA multiple of 12.3x based on 2026 consensus figures.

• Fully financed through cash on hand and new bonds, maintaining BBB+/Baa1 ratings and targeting full deleveraging two years post-close.

• Transaction is accretive to headline EPS from year one, with a projected 2.9% positive impact on 2026 EPS.

• Dividend payout policy and share buyback program remain unchanged.

Synergies and expected cost savings

• Targeting at least $50 million in run-rate cost savings from margin improvement, elimination of public company costs, shared service integration, and procurement synergies.

• Synergies from combined procurement, IT, hosting, and real estate costs.

• LiveRamp's operating margin expected to align with group margin in the first year post-acquisition.

• Integration with Epsilon and Marcel to deliver faster, more secure, and scalable data collaboration.

• Anticipated boost to clients' business growth and addressable market through proprietary data assets.