Blackstone Group Initiates Sale of Clarion Events
The Blackstone Group has begun the process of selling Clarion Events, the company behind events such as iGB and ICE. Several parties are reportedly interested in a potential acquisition of the company, which is estimated to be worth around £2 billion.
Clarion Gaming has long been the organizer of ICE, a prominent international trade show for the casino and gaming industry, as well as the iGB events. In 2017, the parent company, Clarion Events, which also organizes other major international trade shows, was acquired by The Blackstone Group for £600 million (€715 million).
The company faced a significant setback three years later when the events industry came to a standstill due to the COVID-19 pandemic. Consequently, Clarion Gaming had to postpone ICE London multiple times as events could not be held at that time.
Following the end of the pandemic, the company began its recovery. Nevertheless, owner Blackstone decided to explore various options for Clarion Events in August of last year, including a potential sale.
Sale Preferred
The Blackstone Group has recently decided to proceed with the sale of the event organizer, according to four sources familiar with the matter who spoke to Reuters. These anonymous sources indicated that the investment firm sent information memorandums to several parties earlier this month.
Following the distribution of the information, private equity firms CVC, KKR, PAI Partners, and Ardian reportedly expressed interest in a potential acquisition of Clarion Events. Asian firm Hillhouse Investment, which organizes trade fairs in China, is also said to be potentially interested.
According to one source, the company is now valued at £2 billion (€2.4 billion), but there is no guarantee that a definitive sale will take place. The interested parties declined to comment to Reuters, and Clarion has not yet issued a response.
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