On 6 October 2026, Informa PLC agreed to buy Clarion Events from Blackstone for an enterprise value of £2.24 billion. The transaction transfers control of the London-based exhibitions operator to its largest domestic peer. Informa launched an immediate stock placement to fund the purchase. The buyer also initiated a strategic review of its Taylor & Francis academic publishing unit.
The transaction accelerates a consolidation wave in the global trade show industry. Large operators are absorbing mid-sized competitors to build scale in specific commercial verticals. Blackstone secures an exit after earlier attempts stalled on credit market pricing and geopolitical exposure. Informa transitions into a dedicated corporate exhibitions operator by preparing to divest its academic literature division.
Informa pays 11.1 times Clarion’s projected 2027 earnings before interest, taxes, depreciation and amortisation. The multiple falls to 9.0 times when factoring in £50 million of planned annual cost cuts. The buyer expects the purchase to push post-tax returns on invested capital above 10 percent by 2029. Clarion projects revenue of at least £575 million next year.
Deal terms at a glance
| Detail | Information |
|---|---|
| Buyer | Informa PLC |
| Target | Clarion Events |
| Seller | Blackstone |
| Enterprise value | £2,240 million |
| Consideration | Cash |
| Financing | New acquisition debt facilities and £940 million equity raise |
| Conditions | Regulatory approvals and customary closing requirements |
| Expected timetable | Completion by end of fourth quarter 2026 |
Advisers
Morgan Stanley & Co. International plc acted as financial adviser and sole global coordinator to Informa PLC, according to the Informa regulatory news service announcement on 6 October 2026. Merrill Lynch International and Deutsche Bank AG London Branch acted as joint bookrunners alongside Morgan Stanley. Informa PLC did not disclose its legal advisers in the regulatory filing.
Goldman Sachs International acted as sole financial adviser to Clarion Events and Blackstone, according to the Clarion Events press release on 6 October 2026. Clarion Events and Blackstone did not disclose their legal advisers in the public statements.
How the deal came about
Blackstone initiated previous efforts to sell Clarion Events over the past two years. The private equity sponsor sought a full exit in 2024 and 2025 at an estimated valuation of £2.0 billion to $2.7 billion, according to SiGMA World on 22 May 2025. The process stalled due to unfavorable debt market conditions. Exposure to Chinese sourcing exhibitions also complicated the earlier sale process, according to Collingwood Group on 6 October 2026.
Blackstone tested the market again in September 2026. The seller explored a separate divestment of the Asian operations of Clarion Events, valuing that division at $600 million to $700 million via Goldman Sachs, according to Bloomberg on 18 September 2026. Blackstone halted the regional sale effort to pursue the whole-company transaction with Informa PLC. No competing bidders emerged for Clarion Events during the final sale process, according to Collingwood Group on 6 October 2026. Clarion Events Chief Executive Officer Lisa Hannant agreed to join the executive leadership team of Informa PLC, according to AskTraders on 6 October 2026.
Valuation and comparables
The enterprise value of £2,240 million represents an acquisition multiple of 11.1 times the projected 2027 EBITDA of Clarion Events, according to the Informa PLC investor presentation on 6 October 2026. Informa PLC estimates the effective multiple reduces to 9.0 times when factoring in £50 million of targeted annual run-rate cost synergies. The multiple drops to 8.0 times when including £25 million in additional operating profit from anticipated revenue synergies by 2029, according to Investing.com on 6 October 2026.
Clarion Events projects at least £575 million in revenue in 2027. The target business expects adjusted operating profit margins to exceed 30 percent in the same year, according to Investing.com on 6 October 2026. Informa PLC expects the transaction to deliver mid-single-digit adjusted diluted earnings per share accretion in 2027. Informa PLC anticipates a post-tax return on invested capital above 10 percent by 2029, according to the Informa PLC investor presentation on 6 October 2026. Comparable transaction multiples in the events sector were not disclosed in the primary filings.
Financing and structure
Informa PLC funds the transaction through a combination of new acquisition debt facilities and equity proceeds, according to the Financial Times on 6 October 2026. Informa PLC launched an equity raise to generate £940 million in gross proceeds. The equity component includes a non-pre-emptive institutional accelerated bookbuild representing up to 10 percent of issued share capital, according to the Informa PLC regulatory news service announcement on 6 October 2026.
The financing structure includes a retail offer via the RetailBook platform. Informa PLC directors and executive managers committed to subscribe for up to £1.6 million in new shares, according to the Informa PLC regulatory news service announcement on 6 October 2026. Informa PLC paused its ongoing share buyback programme immediately upon announcing the transaction, according to City A.M. on 6 October 2026.
Informa PLC projects group net debt to EBITDA will remain below 3.0 times at year-end 2026. The buyer expects the leverage ratio to decrease below 2.5 times by year-end 2027, according to Investing.com on 6 October 2026. Informa PLC concurrently announced a strategic review to separate the Taylor & Francis academic publishing business, according to the Financial Times on 6 October 2026.
Risks, conditions and key dates
- 6 October 2026: Informa PLC and Blackstone announce the transaction agreement.
- 6 October 2026: Informa PLC launches the £940 million equity raise and pauses its share buyback programme.
- Fourth quarter 2026: The transaction is scheduled to close, subject to customary closing conditions and regulatory approvals, according to the Clarion Events press release on 6 October 2026.
- March 2027: Informa PLC plans to announce the conclusion of the strategic review for Taylor & Francis alongside its full-year 2026 results, according to Reuters on 6 October 2026.
Where reports disagree
The official regulatory filing from Informa PLC specified an enterprise value of £2,240 million on 6 October 2026. Mainstream media reports published different figures on the same day. The Financial Times reported the transaction at £2.2 billion on 6 October 2026. The Guardian reported the transaction at £2 billion on 6 October 2026. City A.M. reported the enterprise value at £2.3 billion on 6 October 2026.
Sources
Company and regulator filings
Press and analysis
- City A.M., Informa Snaps Up Clarion Events in 2.3bn Deal with Blackstone
- Financial Times, Content 0c8c0122-cc24-4ea5-bc7f-09bfc95d3dd1
- Investing.com, Informa to Buy Clarion for 224 Bln Plans to Separate Taylor Francis Business
- The Guardian, Informa Buy Clarion Blackstone FTSE 100
Facts as of 6 October 2026.
