Sandeep Goyal explores bid for Dentsu International business

New Delhi: Sandeep Goyal, Managing Director of the Mogae Group and Chairman of Rediffusion, has said he is preparing a bid for the international business of Dentsu.

Speaking to BestMediaInfo.com, Goyal confirmed, “We will make a bid for Dentsu’s international business. However, the contours of that bid are still not very clear.”

Dentsu Group Inc., headquartered in Tokyo, is exploring options for its overseas operations. The portfolio includes US-based digital marketing consultancy Merkle and the assets of Aegis Group, which Dentsu acquired in 2012 for about 400 billion yen.

The international arm posted over $4.5 billion in net revenue in 2024, but performance has been uneven. In the first half of 2025, organic revenue fell 8.9% in Asia-Pacific (excluding Japan), 3.4% in the Americas, and 2.4% in EMEA, while Japan reported 5.3% growth.

Market observers believe any sale could attract interest from consulting majors such as Accenture Song, private equity funds, or large independents. Global holding groups Omnicom and IPG are seen as unlikely bidders as they focus on their planned merger. Stagwell and MSQ are also being discussed as potential suitors for specific assets, including Merkle.

The owner-promoter of the Mogae Group, Goyal, was also the Founder-Chairman and former joint venture partner of Dentsu in India and the Middle East. In 2011, he sold his stake in Dentsu India to the Japanese parent and exited the business. 

Emphasising his entrepreneurial discipline and his potential to turn around dentsu International business, Goyal said, “The eight years I ran Dentsu, every single quarter of those eight years, every single office of Dentsu made money in India.”

Goyal also clarified that Rediffusion would not be involved in the transaction. “These are all Mogae Consultants investments. Rediffusion is 100% owned by Mogae.”