Informa to buy ICE organiser Clarion from Blackstone

Informa has agreed to buy Clarion Events, the organiser of the ICE gaming exhibition and owner of iGaming Business, from private equity firm Blackstone at an enterprise value of £2.24bn.

What happened

Informa said the price equals about 11 times expected 2027 EBITDA, including certain tax benefits. Clarion is forecast to deliver more than £575m of revenue in 2027. SBC News reported that the multiple falls to about 9x once the targeted cost savings are counted.

The consideration is payable in cash. Informa will pay for it using financing arranged specifically for the acquisition, together with net receipts from an equity placing and retail offer worth about £940m. It is also pausing its share buyback programme.

Informa has identified operating synergies of more than £50m a year on a run-rate basis. It expects to reach the full run rate of operating and revenue synergies by 2029, with roughly a quarter arriving in the first full year of ownership. Management said its revenue plans centre on taking Clarion's brands to more countries and adapting them for local markets.

Blackstone acquired Clarion for £600m in 2017, and the business was reportedly put up for sale by the firm before this deal. Lionel Assant, Blackstone's global co-chief investment officer, said Informa was the right partner for Clarion's next chapter.

Lisa Hannant, Clarion's chief executive, will remain in her role and join the Informa executive leadership team. Informa chief executive Stephen Carter said the combined business would become the international B2B live events leader listed in the UK. He put annual group revenues above $6bn, with underlying growth of about 7%.

Informa shares rose in London trading after the announcement.

Why it matters

For the gambling industry, the deal puts ICE and iGB under the ownership of one of the world's largest events groups. Informa described Clarion's gaming business as a high-growth strategic category, in the same bracket as defence and electronics. ICE reported more than 60,000 registrations for its 2026 edition in Barcelona, after moving from London in 2025.

The transaction also changes Informa's shape. It plans to separate its academic publishing arm, Taylor & Francis, to concentrate on B2B events. Informa said Clarion should add a mid-single-digit percentage to earnings per share by 2027 and deliver a double-digit return on invested capital within three years.

Clarion has said business will continue as usual. Informa's stated approach is to spend the first three to six months on delivering existing budgets and plans already committed for 2027.

What's next

Completion is expected in the fourth quarter of 2026. SBC News noted that this would put ICE under Informa management before the 2027 edition, which is scheduled for 18-20 January in Barcelona.