Omnicom is expecting its US$13.5 billion acquisition of Interpublic Group to close by late November, pending EU regulatory approval.
The deal to create the world’s largest advertising holding company, surpassing Publicis Groupe and WPP, is projected to generate more than US$20 billion in revenue for Omnicom. John Wren, chairman and chief executive officer of Omnicom, said he expects to close the IPG deal next month, adding it would create the world’s leading marketing and sales company.
“Together, we will emerge with the industry’s most talented team and a powerful platform designed to accelerate growth through strategic advantages in data, media, creativity, production, and technology,” he said.
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The CEO said integration teams from both companies have been working “tirelessly” to ensure a seamless transition for clients and staff. He added that both networks also continue to secure new business during the integration.
Some of the wins include American Express, Porsche, OpenAI, Amgen, Bayer, Anthropic and Paramount.
“We’re already seeing strong momentum with significant new business wins across both companies, underscoring the compelling opportunities this acquisition creates.
“Our enhanced ability to deliver revenue growth, operate with greater efficiency, and generate healthy free cash flow only strengthens our confidence in the future – for our clients, our people and for long-term shareholder value,” Wren said.
The merger has cleared 14 of the 18 regulatory approvals required. In July, the Australian Competition and Consumer Commission (ACCC) approved the deal, saying it was unlikely to substantially lessen competition in Australia’s media and marketing services market.
“Our investigation found that while the proposed acquisition would result in an increase in the parties’ combined market share, other suppliers of media buying and marketing and communications services would continue to effectively compete with Omnicom after the acquisition,” said ACCC Commissioner Dr Philip Williams. Omnicom and IPG confirmed the ACCC clearance brings the deal closer to completion.
News of the acquisition first came to light in December last year. The move came amid growing competition within the holding network market globally and the pressures faced by the traditional holding company model.
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