Informa, one of UK’s leading events and academic publishers, is set to acquire the owner of Cannes Lions Festival, Money20/20, WARC and more – Ascential for a cash offer deal worth £1.2 billion as the Board of both the companies have come to a mutual agreement, as per reports.
The deal is expected to close in the last quarter of this fiscal year.
With this acquisition in place, Informa completes its three-year investment programme aimed at bolstering its position in the events business and expects the same to add ‘significant revenue opportunities’ to its fold.
Additionally, this acquisition is also expected to underscores Informa’s strategy to expand its portfolio of high-profile events as well as deliver a ‘financial boost’ to Ascential shareholders.
In the aftermath of this development seeing the light of day, the shares in Ascential jumped dramatically, reflecting investor enthusiasm.
That being said, as this deal goes through, Ascential shareholders will receive 568 pence per share in cash, representing a 53% premium to the listed company’s closing share price on July 22, 2024.
