Havas is reportedly in early talks about a deal involving WPP.
The French network has expressed an interest in its U.K. rival, as have private equity firms Apollo and KKR, according to The Times of London.
One senior advertising exec told ADWEEK the two sides were in “very serious” discussions, currently centered on how to value WPP. They suggested that Havas was eyeing a minority stake in the business rather than exploring a full-blown merger.
Both Havas and WPP told ADWEEK they “do not comment on speculation.” At the time of writing, Apollo and KKR did not respond to a request for comment.
Outsider investors have been circling WPP for months. Earlier in November, U.K.-based investor Redwheel acquired a 5.25% stake in the holding company. It was also reported earlier this year that consulting giant Accenture had considered a bid.
Stiffer competition for Omnicom-IPG
Havas has been working more closely with rival agencies as Omnicom’s acquisition of IPG nears its close.
In September, it launched a joint venture with Horizon to manage $20 billion in bookings and position itself as one of the world’s largest media buyers.
Buying a stake in WPP could give Havas a strategic foothold in one of its biggest rivals and improve both holdcos’ challenger status against a combined Omnicom-IPG goliath.
Havas CEO Yannick Bolloré said he would consider “significant” merger and acquisition deals after Havas spun off from its former owner Vivendi in December 2024, and it’s within the Bolloré family playbook to acquire stakes in rival marketing companies with the intent to merge.
In the mid-2000s, Vincent Bolloré, Yannick’s father, purchased a stake in Aegis Group with the intent to merge it with Havas. That vision never came to fruition, and Aegis was eventually sold to Dentsu.
If Havas does buy into WPP, it would be an opportune time to grab a stake in what was once the world’s most valuable ad network. WPP had a £24 billion valuation at its peak in 2017, but its share price has fallen around 65% since the start of 2025.
By contrast, Havas has been on a steady upswing over the last year, reporting a record net revenue of $2.3 billion (€2 billion) for the first nine months of 2025.
