Blackstone explores potential £2 billion sale of Clarion Events due to resurgence in deal activity

Blackstone is reportedly considering a sale of Clarion Events, a global trade show organizer and owner of flagship gaming expos such as ICE and iGB L!VE, with a potential deal value estimated at up to £2 billion ($2.70 billion). Individuals familiar with the matter told Reuters that the U.S.-based private equity firm has begun circulating information memoranda to prospective buyers.

Clarion, acquired by Blackstone in 2017 for £600 million ($809.79 million), has rebounded from the pandemic-induced downturn that brought the global events industry to a standstill. Its revenue rose to £432.9 million ($584.26 million) in the 12 months ending January 2024, up from £257 million ($346.86 million) the previous year, largely due to resumed activity in China and Hong Kong.

Sources indicated that Asian private equity firm Hillhouse Investment has expressed preliminary interest. Hillhouse, which operates events in China through its Global Sources unit, joins a growing list of firms evaluating the opportunity. Other interested parties reportedly include CVC, KKR, PAI Partners, and Ardian.

The potential sale comes as investor sentiment stabilizes following weeks of uncertainty linked to former U.S. President Donald Trump's trade policies. With recent agreements between the U.S. and China temporarily reducing tariffs, Blackstone is seemingly moving forward after previously holding off to assess economic conditions.

Clarion is expected to fetch a valuation of around 12 times its EBITDA, sources said, putting the deal in the region of £2 billion ($2.70 million). While there is no guarantee a transaction will be completed, a successful sale would mark one of the largest private equity exits in recent months, signaling renewed confidence in dealmaking.

The company’s gaming division has been central to its post-pandemic recovery. Clarion recently relocated its flagship ICE expo from London to Barcelona, where the new venue, Fira Gran Via, offers a significantly expanded footprint. At the same time, iGB L!VE will move from Amsterdam to London’s ExCeL Centre, with ambitions to attract 30,000 attendees and 550 exhibitors by 2028.

Clarion’s portfolio spans over 125 events across sectors including home and design, defense and security, and consumer electronics. Alongside its gaming properties, it also runs the London International Horse Show.

Despite a backdrop of volatile markets earlier this year, Clarion’s cost controls and positive cashflow performance in the first half of the 2024–2025 financial year have reportedly made the asset more attractive to buyers.