Blackstone is preparing to sell the Asian operations of events organiser Clarion Events as it looks to restart a broader disposal of the business, according to Private Equity Wire citing a Bloomberg report that referenced unnamed people familiar with the matter. Blackstone is working with Goldman Sachs on the potential sale, which could value Clarion’s Asian unit at between $600m and $700m, the people said.
Potential sale process and valuation range
Blackstone has begun approaching prospective buyers, including other industry participants and private equity investors, the people said. Blackstone intends to pursue separate sales of Clarion’s remaining European and US operations after completing a transaction for the Asian business, according to the people cited by Bloomberg and reported by Private Equity Wire. The discussions remain preliminary and may not result in a deal.
Representatives for Blackstone and Goldman Sachs reportedly declined to comment.
Background on a broader Clarion disposal
Blackstone previously explored a sale of Clarion as a whole, with the organiser potentially valued at around £2bn ($2.7bn), including debt. That process was abandoned after potential buyers showed greater interest in individual markets or regions rather than acquiring the business in its entirety, according to people familiar with the earlier process cited in the report referenced by Private Equity Wire.
Clarion Events profile and Blackstone ownership
Founded in 1947, Clarion organises international trade shows and exhibitions spanning areas including consumer electronics, defence and security, gaming and technology. Blackstone acquired Clarion from Providence Equity Partners in 2017.
Blackstone subsequently expanded the business, including through its 2018 combination with Global Sources, a Hong Kong-listed business focused on business-to-business trade and exhibitions.
Widely known context: Goldman Sachs is an investment bank that advises on mergers and acquisitions, including sale processes for operating businesses.
