Omnicom Group Inc. closed its exchange offer for Interpublic Group’s senior notes on November 28, 2025, exchanging 93.7% of the $2.95 billion outstanding notes for new Omnicom senior notes. The remaining 6.3% of the notes will continue to be a subsidiary obligation of IPG, a detail that preserves the original debt structure for the minority portion of the notes.
The settlement of the exchange will occur on December 2, 2025, when Omnicom will issue new notes in exchange for the tendered IPG notes and the amended indentures will take effect. By consolidating the debt under Omnicom’s balance sheet, the transaction removes restrictive covenants that had limited the combined company’s flexibility and simplifies the capital structure, positioning the company to pursue synergies and cost efficiencies more freely.
The exchange offer closed two days after the merger itself was finalized on November 26, 2025, creating a combined entity valued at approximately $13.25 billion. The debt restructuring is a core element of the integration plan and is expected to unlock about $750 million in annual synergies by eliminating duplicate debt servicing costs and streamlining financing arrangements.
Omnicom’s Q3 2025 earnings, released on October 21, 2025, showed revenue of $4.04 billion versus a forecast of $4.02 billion, and adjusted earnings per share of $2.24 versus an estimate of $2.16. The earnings beat was driven by strong demand in the Media & Advertising segment, which grew 9.1% organically, while the Public Relations and Experiential segments experienced declines. CEO John Wren highlighted the momentum, stating that “we’re already seeing strong momentum with significant new business wins across both companies, underscoring the compelling opportunities this acquisition creates.”
Analysts noted the earnings beat and the progress on the merger as positive signals. Investors welcomed the results, interpreting the debt exchange as a clear step toward integrating the two companies’ operations and realizing the projected synergies.
The completion of the debt exchange finalizes a key component of the merger’s restructuring plan, consolidating debt, simplifying the capital structure, and setting the stage for Omnicom to focus on growth initiatives and technology investments that will drive long‑term value.
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