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Vivendi, the current owner, is planning to list the agency group on Euronext Amsterdam, pending shareholder approval, which is likely as the goal is to increase shareholder value. Valuations of holding companies vary widely, with French rival Publicis leading the market at approximately $27 billion. Meanwhile, the UK’s WPP, still the largest by revenue, is valued at a more modest $10 billion.
In the first half of 2024, Havas experienced a respectable growth of 3.4%, generating $1.7 billion in net revenue. This places it behind Publicis and Omnicom but comfortably ahead of Interpublic and likely WPP, which has yet to report. Havas also boasts two major creative agencies: BETC Paris, the largest in France, and the UK’s Uncommon Creative Studio, which is currently engaged in an earn-out that could reach around $130 million.
These attributes might attract private equity firms that have previously considered WPP but found it too complex. On the other hand, with its newfound ability to raise funds on the market, Havas itself might become an acquirer.
However, Havas is relatively weak in the US market, the largest globally, with Arnold Worldwide being its primary presence there. Uncommon is making strides to improve this with some high-profile work.
Another potential suitor could be Accenture Song, the owner of Droga5. With an estimated $18 billion in revenue, Accenture Song is on par with Publicis and WPP, even without media as a recent driver. Through its parent company, the consultancy giant Accenture, it already possesses most of the digital, ecommerce, and consultancy assets that its rivals are eager to acquire.
While Havas Media Group and Vivendi’s substantial stake in the new listed company might pose challenges, the opportunity to add BETC and Uncommon to his creative empire would likely be very tempting for David Droga.