Blackstone preps for sale of Clarion Events’ Asian business
Blackstone is preparing to sell the Asian operations of events organiser Clarion Events as the private equity firm looks to restart a broader disposal of the business, according to a report by Bloomberg citing unnamed people familiar with the matter.
Private equity firm Blackstone is reportedly preparing to sell the Asian operations of events organiser Clarion Events, according to Bloomberg. The potential sale, which could value the unit between $600m and $700m, is being handled by Blackstone in collaboration with investment bank Goldman Sachs. The firm is actively engaging prospective buyers, including other industry participants and private equity investors.
Blackstone plans to pursue separate sales of the company's remaining European and US operations after completing a transaction for the Asian business. However, the discussions are still preliminary and may not lead to a deal. Blackstone and Goldman Sachs have declined to comment on the matter. The earlier attempt to sell Clarion as a whole, which could have been valued at around £2bn ($2.7bn) including debt, was abandoned as potential buyers expressed greater interest in individual markets or regions.
Clarion Events, founded in 1947, organizes international trade shows and exhibitions in various sectors such as consumer electronics, defence and security, gaming, and technology. Blackstone acquired the business from Providence Equity Partners in 2017 and has since expanded its operations, including a 2018 merger with Hong Kong-listed business Global Sources.
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