Global media agency Havas Group has announced that its takeover by French billionaire Vincent Bollore’s investment division been completed.
This week saw Bollore Group up its 36.2% share in Havas to 73%, making it a majority stake.
Bollore started building ownership of Havas with the purchase of shares in 2004. As Bollore Group became increasingly involved with businesses in the advertising sector, so too did its interest in Havas. By 2006, Bollore Group’s stake in Havas had grown to 26%, and the billionaire said last year that he would be looking to gain control of the French company.
Now the deal has been completed, Bollore Group will have the final say in dealings at properties including Havas Worldwide, Arnold and the Havas’s performance marketing arm, Ecselis.
Havas as a group recorded total revenue of $447 million in Q3 of last year, returning a 6% lift in organic growth.
The company remains an active spender, though, and announced the purchase of German ad agency Bird and Schulte the day before its takeover.
A member of the Bollore family, Yannick Bollore, was on hand to oversee this transaction after accepting the position of CEO at Havas last year. Reports at the time stated his predecessor, David Jones, received $13.5 million in compensation to vacate the role.
The younger Bollore will be hoping that Havas can make up more ground on its agency rivals in 2015. Earnings from likes of WPP Group, on $18.5 billion in revenue for 2013, and Omnicom, at $14.5 billion, remained far ahead of his company's own, on $1.7 billion for 2013.