Blackstone weighs sale of Clarion Events amid market rebound
Blackstone is to launch the sale of , the company behind the ICE iGaming conference, with early estimates putting the value of the London-based organiser at around ?2 billion. The move comes as market conditions show signs of settling after a turbulent stretch linked to U.S. President Donald Trumps latest tariff manoeuvres.
News of the sale has been shared by four sources with direct knowledge of the talks, all of whom spoke on condition of anonymity. And while the deal is still in its early stages, it could serve as a gauge for investor appetite as private equity eyes a rebound.
From lockdown survival to multibillion-pound price tag
The private equity firm took ownership of Clarion in 2017 in a deal worth ?600 million and has backed it through a volatile period for the events sector. The pandemic brought the global exhibition industry to a halt, gutting revenues and cancelling entire calendars. Clarion was no exception. But with a mix of strategic expansion and market recovery, the company has since clawed its way back.
In the 12 months to January 2024, Clarion Events posted revenues of ?432.9 million, up sharply from ?257 million the year before. The growth has been largely driven by returns in key markets, including China and Hong Kong.
Under Blackstones ownership, Clarion grew its footprint to 125 events spanning sectors such as gaming, defence, energy, and consumer tech. Its 2018 acquisition of Global Sources, an Asian exhibition organiser, strengthened its reach in the region. Clarion CEO Lisa Hannant credited the companys recent momentum to double-digit revenue growth, disciplined cost control, and a data-led approach that has helped boost profit margins to around 30%.
Deal timing reflects market jitters and recovery
The decision to test the market now reflects both caution and opportunity. Dealmaking had dropped to a two-decade low after Trumps 2025 tariff policies reignited trade tensions. Blackstone, reportedly wary of pressing ahead during peak uncertainty, waited for more stability.
Recent developments, particularly a temporary easing of U.S.-China tariffs, have helped lift sentiment. Stock indices across Europe and the U.S. have started to recover, and with them, the deal pipeline is showing signs of life again.
Clarion has already drawn interest from major firms, including CVC, KKR, PAI Partners, Ardian, and Hillhouse Investment. The ?2 billion price tag is based on a valuation of 12 times EBITDA, underpinned by strong cash flows that have outperformed budget expectations in early 2025. Still, sources close to the process stress that a transaction isnt guaranteed and economic headwinds remain.
What makes Clarion attractive in a shifting landscape
Sales documents began circulating earlier this month, and Hillhouse is said to be particularly focused on Clarions operations in China through its Global Sources brand. Industry consolidation is back on the table, as shown by recent moves like Informas ?1.2 billion acquisition of Ascential and DoorDashs $3.6 billion bid for Deliveroo.
Clarions success lies in its mix of focus and flexibility. Its model of building curated villages within larger events, combined with its NPV (Needs, Purpose, Value) framework for customer engagement, has allowed it to scale without losing relevance. As Clarion North America president Liz Irving put it: Engagement matters more than ever its about how meaningful [our offerings] are to customers.
While macro conditions remain unpredictable, Clarions performance and positioning make it a strong candidate to lead the return of large-scale private equity deals. Whether the market is ready to bite remains to be seen, but Blackstone is clearly willing to test the waters.
