Informa's Billion-Pound Clarion Acquisition
Informa Agrees to Acquire Clarion for £2.24 Billion and Plans Taylor & Francis Separation
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Key Points
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Informa values Clarion at 11.1 times its expected 2027 EBITDA, falling to about nine times after accounting for £50 million in annual cost savings. It is also targeting a post-tax return on invested capital above 10% by 2029.
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Clarion expects 2027 revenue of at least £575 million and adjusted operating margins above 30%. Informa says its enlarged live-events division will generate more than £4.2 billion in revenue and grow underlying revenue by over 7%.
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Informa expects net debt to remain below three times EBITDA at the end of 2026 and fall below 2.5 times EBITDA by the end of 2027.
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The UK retail share offer is open to eligible UK-resident investors, with a minimum subscription of £250 and applications made through participating brokers, platforms or wealth managers.
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Taylor & Francis generates close to $1 billion in revenue and is growing at about 4% annually.
Informa is buying Clarion Events for £2.24 billion, a major move to expand its business-to-business events business Market Screener. The deal adds over 100 brands across electronics, defense, and gaming sectors. Informa will fund the purchase partly through raising £940 million in new shares and will separate its academic publishing arm, Taylor & Francis, into its own company.
Blackstone's Clarion Event Portfolio Strengthens Informa
Clarion brings over 100 brands to Informa's portfolio, covering industries from electronics to gaming Market Screener. The Blackstone-owned company expects 2027 revenue of at least £575 million with adjusted operating margins above 30%. After closing in late 2026, Informa's enlarged live-events division will generate more than £4.2 billion in revenue.
How Informa Plans to Pay and What It Expects to Gain
Informa values Clarion at 11.1 times its expected 2027 EBITDA, dropping to about nine times after planned £50 million annual cost savings Market Screener. The company will raise £940 million through an institutional share placing and UK retail offer. It targets a post-tax return on invested capital above 10% by 2029 and forecasts mid-single-digit earnings-per-share growth in 2027.
Debt Management and Shareholder Funding Strategy
Informa will pause its share buyback program to help fund the deal Market Screener. Net debt is expected to stay below three times EBITDA by the end of 2026 and fall below 2.5 times by year-end 2027. UK retail investors can subscribe with a minimum of £250 through participating brokers and platforms.
Taylor & Francis Split to Focus on Academic Publishing
Informa has begun a formal process to separate Taylor & Francis, its academic publishing division Market Screener. The unit generates close to $1 billion in revenue and grows at about 4% annually. An update on the separation is expected when Informa releases full-year results in March 2027.
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