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Monday 11 August 2025 7:31 am
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In a statement published on Monday, the company said the talks were “at a very preliminary stage
S4 Capital has confirmed it has received a proposal from MSQ Partners for a possible combination, following weekend media reports linking the London-listed digital advertising group to the US private equity-backed agency network.
In a statement published on Monday, the company said the talks were “at a very preliminary stage” and stressed there was “no certainty that a transaction will be forthcoming”.
The group, founded by former WPP chief Sir Martin Sorrell in 2018, said the possible deal would be structured as an acquisition of MSQ by S4 Capital, rather than a takeover of S4 by MSQ under the UK’s Takeover Code. No Rule 9 waiver would be expected.
S4 also noted that the announcement was made “without the prior agreement or approval of MSQ”.
S4 Capital’s private equity interest
MSQ is majority-owned by US investment firm One Equity Partners, which acquired the creative and technology agency group in 2023.
Sky News reported on Saturday that One Equity had approached Sorrell about combining the two businesses, with further interest in S4 said to have come from other parties, including New Mountain Capital.
It marks the latest in a string of approaches to S4 Capital, which last year reportedly rebuffed overtures from Stagwell, led by Mark Penn, as well as other private equity buyers.
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The speculation comes after a challenging period for S4, which has faced macroeconomic headwinds and accounting issues, sending its share price down nearly 60 per cent in the past year, and more than 90 per cent below its 2022 peak.
The stock closed at 21.2p on Friday, valuing the business at around £140m.
Digital strategy pressures
Sir Sorrell launched S4 Capital with a focus on digital content and programmatic advertising, acquiring agencies such as MediaMonks and MightyHive.
Its client roster includes major tech brands such as Alphabet, Amazon and Meta.
The potential tie-up with MSQ comes amid accelerating consolidation in the marketing services sector as agencies adapt to AI-driven changes and the growing dominance of digital campaigns.
Neither One Equity Partners nor MSQ have commented publicly on the talks.
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