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The sale means that Little Rock, Arkansas-based Acxiom will part ways with a business that comprises roughly three quarters of its revenue in order to double down on its fast-growing "LiveRamp" unit, which helps companies more easily access and manipulate data.
Interpublic sees the deal adding to its adjusted earnings per share in the first year after the deal close, which is expected by the end of 2018.
The transaction has been unanimously approved by the boards of both the companies.
Reuters reported on Sunday, citing sources, that Acxiom is nearing a deal to sell the division to Interpublic.
Earlier this year, Acxiom announced it was conducting a review for the business as part of a broader reorganization that saw its various business lines consolidated into either the LiveRamp or marketing solutions units.
Axciom acquired LiveRamp in 2014 for around $310 million.