Informa to Buy ICE Owner Clarion Events for £2.24B

The acquisition was announced on October 6, with gaming named among three major new growth categories for Informa. Clarion operates more than 100 specialist B2B brands, including events covering gambling, technology, defence and energy.

Informa Values Clarion at 11.1 Times Expected EBITDA

Under the transaction terms published by Informa, Clarion carries an enterprise valuation of 11.1 times its expected 2027 EBITDA. That multiple could fall to approximately eight times if the buyer delivers its planned cost and revenue synergies. Informa has identified around £50 million in annual cost savings and is targeting another £25 million in operating profit from additional revenue by 2029.

Clarion is expected to generate more than £575 million in revenue in 2027, with adjusted operating margins above 30%. Comparing the purchase price with that revenue forecast puts the valuation below 3.9 times projected annual sales.

The buyer plans to raise approximately £940 million through an equity issue, alongside acquisition financing. It will also pause its share buyback programme while funding the deal.

ICE Barcelona Will Enter 2027 Under New Ownership

For the gambling industry, the most visible assets changing hands are ICE and iGB. Both belong to Clarion’s gaming portfolio, alongside a wider exhibition business spanning multiple sectors.

The timing puts the acquisition close to the next edition of ICE Barcelona, scheduled for January 18-20, 2027. The event’s official website lists more than 600 exhibitors and expects 65,000 attendees.

That leaves a relatively short interval between the planned completion and the Barcelona exhibition. Informa has said its first three to six months with Clarion will focus on delivering existing plans rather than immediately restructuring the acquired business.

No Immediate Shake-Up Planned for ICE

Clarion CEO Lisa Hannant will stay in charge after the sale and join Informa’s executive leadership team. Informa is also preparing to separate its Taylor & Francis publishing business. Once Clarion joins the group, annual revenue is expected to exceed $6 billion.

The company has not disclosed how much of Clarion’s £2.24 billion valuation can be attributed to ICE or iGB.