Havas has expressed interest in potentially acquiring certain international assets of Dentsu, following indications from the Japanese advertising group that it is considering structural changes.
Speaking during Havas’s Q3 earnings call, François Laroze, Chief Financial Officer and Chief Operating Officer, said the company is open to discussions.
“We know that Dentsu International may be for sale. We have not been contacted by Dentsu. We know that it’s a very strong and big asset all over the world with a nice network, with some acquisition which has been done over the last two or three years. Clearly, Havas as a group does not project itself as a buyer for the entire international network. It would be too big for Havas looking at its balance sheet.
“Nevertheless, we remain very agile. If we were to be proposed some partnership or some disposal of certain assets, we certainly would consider that. We do not intend to study the network as a whole, but could be interested in part of it or in a partnership with some of the agencies of the network. We consider it a great asset,” Laroze said.
His remarks follow Dentsu’s August statement that it is evaluating strategic options to increase corporate value, which could include the sale of parts of its international operations. The company has appointed advisers to explore its options, but no decisions have been announced.
Dentsu CEO Hiroshi Igarashi has previously stated that the group is considering “bold structural changes—including divestitures or partnerships” to improve competitiveness, although no final steps have been taken.
Dentsu’s international operations include Merkle, a US-based digital consultancy, and assets from the 2012 acquisition of the UK’s Aegis Group. In 2024, these assets generated over US$4.5 billion in net revenue. However, in 2025 to date, international performance has declined, with organic revenue falling 8.9% in Asia-Pacific (excluding Japan), 3.4% in the Americas, and 2.4% in EMEA. Revenue in Japan rose by 5.3%.
Havas has continued to expand through partnerships, including a recent deal between Havas Media and US-based Horizon Media. The group reported 3.8% growth in Q3 and has raised its outlook for the year.
Publicis has taken a more cautious stance, with CEO Arthur Sadoun recently saying the company is not seeking major acquisitions “at this time,” and suggesting that scale-driven deals are no longer relevant.
Analysts at Madison & Wall view Laroze’s comments as a possible indication that Havas may pursue some form of cooperation with Dentsu.
Bolloré Groupe, Havas’s major shareholder, previously held a stake in Aegis prior to its sale to Dentsu in 2012. Any agreement between Havas and Dentsu could mark a notable development in the advertising sector, following over a decade of relative stability in international M&A among major holding groups.
