The acquisition of Epsilon for $4.4bn (or $3.95bn taking into account the effect of the tax reduction related to the acquisition-related amortisation of intangible assets) is based on a P/2018 EBITDA multiple of 8.2x, which is not excessive. This operation makes sense because the expertise in data is essential for traditional advertising agencies to enable customers to have direct and personalised communication with consumers. The main concerns are low growth at Epsilon in 2015-18 and Publici
16 Apr 2019
Acquisition of Epsilon
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Acquisition of Epsilon
Publicis Groupe SA (PUB:WBO) | 0 0 0.4% | Mkt Cap: 14,432m
- Published:
16 Apr 2019 -
Author:
Hélène Coumes -
Pages:
3
The acquisition of Epsilon for $4.4bn (or $3.95bn taking into account the effect of the tax reduction related to the acquisition-related amortisation of intangible assets) is based on a P/2018 EBITDA multiple of 8.2x, which is not excessive. This operation makes sense because the expertise in data is essential for traditional advertising agencies to enable customers to have direct and personalised communication with consumers. The main concerns are low growth at Epsilon in 2015-18 and Publici