Global events company Informa has added several more expos to its already-substantial portfolio by buying Clarion, the company behind ICE (International Casino Exhibition).
The transaction values Clarion at a substantial £2.24bn, based on expected EBITDA.
Informa expects to complete the deal towards the end of Q4 2026, subject to the usual regulatory approvals. This would mean that ICE will be under Informa management by the time its 2027 edition takes place in Barcelona between 18-20 January.
Clarion’s Chief Executive Officer, Lisa Hannant, will retain her position while also joining Informa’s executive leadership team. Hannant is due to play a key role in the integration of Clarion into Informa’s wider operating business.
The firm is paying 11x Clarion’s expected EBITDA, though this drops to 9x if £50 of cost savings are achieved and to 8x if expected operating profit of £25m is achieved.
The multi-billion takeover will be funded through dedicated acquisition financing and the net proceeds of a quality placing and retail offer of around £940m.
“The combination will underscore Informa as the UK-listed, international leader in B2B Live Events, with annual group revenues exceeding $6bn and underlying revenue growth of 7%,” said Stephen A. Carter, Group Chief Executive at Informa.
Acquisition goes way beyond gaming
As well as ICE, Informa will also acquire the iGB Live gambling affiliate business, taking place at the Excel Centre in London after relocating there from Amsterdam in 2025.
ICE was also held at the Excel Centre for much of its existence before moving to Barcelona in 2025. While many in the industry will be most familiar with Clarion due to the firm running ICE and iGB for many years, its portfolio spams other high value industries.
This includes the defence and security industry through DSEI and electronics and consumer technology via IFA Berlin, while it also owns the Distributec energy transition and distribution brand, among others.
These events will join Informa’s extensive events portlfolio. including the Money20/20 finance and inftech event, the London Tech Week, Cannes Lions International Festival of Creativity, Effies Europe Awards, and the WARC (World Advertising Research Centre).
Infomra has also shared a brief post-acquisition timeframe, which it states is in line with the approach it has taken with previous acquisitions. The first three-to-six months after the takeover will focus on delivery objectives and operating to budgets, as well as plans already committed to for 2027.
At the same time as announcing the Clarion takeover, Informa has also separated its Academic Markets business, which is centred on the Taylor & Francis publishing group. The business is a global publisher of research, academic journals, and books.
“Today’s announcements mark the latest step in a growth strategy that has seen B2B revenues grow tenfold since 2014, whilst generating more than $3bn of value in Business Intelligence and lifting Taylor & Francis revenues fourfold since it joined the Group,” Carter added.