Blackstone has launched the sale of Clarion Events, according to four sources familiar with the matter, signaling a potential return of major M&A activity after market instability had stalled deals in recent weeks.
Blackstone acquired Clarion in 2017 for £600 million ($802 million). The company, which organizes global trade shows across sectors like gaming, electronics, energy, and defense, received Blackstone’s support during the COVID-19 crisis, which severely impacted its earnings.
Earlier this month, Blackstone distributed sale materials, attracting interest from several investment firms including CVC, KKR, PAI Partners, and Ardian, the sources said. Hillhouse Investment, a private equity firm from Asia, is also reportedly eyeing Clarion due to its trade show presence in China via Global Sources.
The business may be valued at around £2 billion, roughly 12 times its EBITDA, one person noted. Last year, Reuters reported that Blackstone had already begun exploring strategic options for Clarion.
Representatives for Blackstone, Clarion, and the interested parties either declined to comment or did not respond.
If completed, the deal would rank among the largest private equity transactions since global dealmaking hit a two-decade low, largely due to uncertainty sparked by former U.S. President Donald Trump’s tariff policies.
Blackstone reportedly waited for more stable economic conditions and clarity on tariffs before initiating the process. According to its H1 2024-2025 review, Clarion has focused on cost control and cash flow optimization, noting that its cash performance was ahead of expectations.
Still, a transaction isn’t guaranteed, the sources added. Recent improvements in investor sentiment—following a temporary U.S.-China tariff reduction—have helped lift stock markets in both Europe and the U.S.
Clarion, known for events such as the London International Horse Show, saw its revenue rise sharply to £432.9 million in the 12 months ending January 2024, up from £257 million the previous year, driven by recovery in markets like China and Hong Kong.
