Breaking: Madison–Havas deal reaches signing stage, clearance expected by early 2026

For Sam Balsara, it would represent a bittersweet but perhaps inevitable shift: handing over the reins of a storied independent agency to secure its future in an era defined by scale and technology.

By Imran Fazal,Akanksha Nagar| Sep 26, 2025 12:34 PM

Breaking: Madison–Havas deal reaches signing stage, clearance expected by early 2026

For Balsara, who has long resisted ceding control of Madison, this may mark the beginning of a new phase.

The much-speculated Madison–Havas deal has entered its final phase. According to top industry sources, both parties have agreed on the major terms, and the acquisition has now reached the signing stage, setting the stage for one of Indian advertising’s most significant consolidations. For Madison founder Sam Balsara, the agreement represents a pivotal moment in his storied career.

Top sources have told Storyboard18 that the acquisition deal is in its final stages and is expected to be signed soon. A veteran industry leader said, "It will be not right to discuss valuation of the deal, but both the parties have agreed to major terms and the deal is on the signing stage. Most likely by early 2026 after adequate regulatory clearances, the acquisition will take place."

Another industry leader echoed similar developments, stating, "The banker involved in Madison-Havas deal has finalized all the formalities and the deal is on the verge of completion."

Leadership at Madison and Havas remained tight lipped about the developments.

Fresh buzz about Madison’s sale had resurfaced earlier this year, with multiple global players- including Publicis Groupe and a private equity firm- showing serious interest.

Storyboard18 earlier reported how Accenture and Stagwell Inc. have also been whispered about in industry corridors.

Havas, however, appeared to have taken pole position with a reported ₹700-crore offer for a 70% stake in the agency, pegging Madison’s valuation close to ₹1,000 crore.

For comparison, Balsara had sought nearly double the ₹500-crore valuation he had once discussed with WPP in 2015.

Havas’s interest would not come as a surprise.

The network, led globally by Chairman and CEO Yannick Bolloré, has aggressively pursued acquisitions in India over the past decade.

Speaking to Storyboard18 in June, Bolloré reaffirmed Havas’s acquisitive strategy, stressing that consolidation and cultural unification remain central to the company’s India playbook.

“We grew through acquisitions- five to six in the last eight years,” he said, adding that Havas would continue to seek deals that align with its long-term vision.

For Madison, aligning with a global partner may no longer be optional.

Over the past year, the agency has lost a string of marquee clients including Godrej Consumer Products, McDonald’s, Atomberg and Raymond, with Marico currently reviewing its business. The departures have shaken confidence and intensified pressure on the agency to future-proof itself through scale, technology, and multinational backing.

At the same time, Madison has been attempting to reassert its relevance.

In August, the agency announced the appointment of Ajit Varghese- former JioHotstar revenue head- as Partner and Group CEO of Madison Media and OOH, with plans to take an equity stake. His return was hailed as a pivotal moment, with industry observers pointing to his global experience and digital-first outlook as crucial assets for Madison’s next chapter. Earlier this year, Vivek Das, ex-Google India and Southeast Asia head at EssenceMediacom, joined as Chief Marketing Officer.

In parallel, Madison has also consolidated its portfolio, completing the 100% acquisition of HiveMinds, a performance marketing specialist it had first invested in back in 2017. These moves signal an effort to strengthen its leadership bench and digital capabilities, while simultaneously boosting its bargaining power in M&A negotiations.

For Balsara, who has long resisted ceding control of Madison, this may mark the beginning of a new phase. The broader industry context too is nudging him toward a decision. If Havas clinches the Madison deal, it would mark one of the most significant consolidations in Indian advertising in recent memory. For Madison, it could mean the difference between struggling in a hyper-competitive market and reinventing itself as part of a global network.

The Havas-Madison deal would also represent a bittersweet but perhaps inevitable shift for Balsara: handing over the reins of a storied independent agency to secure its future in an era defined by scale and technology.