Ascential, the owner of the Cannes Lions International Festival of Creativity and Money20/20 fintech conferences has accepted a £1.2bn offer from Informa.
The offer of 568 pence in cash per share represents a 53% premium to Ascential’s closing share price of 371 pence on Monday, the day before the ‘unsolicited’ offer was submitted.
Ascential currently employs around 700 people. Its CEO, Philip Thomas said: “Informa is a highly respected business, famed for its expertise in B2B events, strong, ethical culture and commitment to innovation. This offer will not only deliver substantial value for our shareholders but also, together with Informa’s international footprint and extensive capabilities in data and analytics, will unlock further growth opportunities for our brands and our people.”
Ascential’s shareholders were informed that Informa intends to make Cannes Lions the centre-piece of a new business, Informa Festivals. Informa already has a number of its own experience-led, festival brands such as the Monaco Yacht Show, London Tech Week, and the Black Hat cyber security festival.
Shareholders were also told that Informa wants to extend Money 20/20 into the Middle East and Africa, due to the region’s rapid growth and significant investment in financial technology, particularly around payments. This includes the Kingdom of Saudi Arabia, where Informa has established a joint venture partnership Tahaluf.
Stephen Carter, chief executive of Informa, said: “Informa is in the business of creating, nurturing and growing world-class B2B brands. Lions and Money20/20 are outstanding examples of such brands. Combined, we can expand them into more sectors, accelerate growth and take advantage of new opportunities.”
Meanwhile, Informa has also announced its half-year results for 2024. It has delivered underlying operating profit growth of 18.8%, revenue growth of 11%, and dividend growth of 10%, thereby increasing full-year guidance.
