Informa has confirmed its intention to purchase Ascential, the parent company of the renowned Cannes Lions Festival, for $1.6 billion (£1.2 billion).
The acquisition deal, announced by Informa, involves a payment of approximately 568 pence per share to Ascential investors, marking a significant 53% premium over Monday’s closing share price. This transaction, pending shareholder approval, is slated for completion in the fourth quarter of this year.
Informa’s acquisition of Ascential not only secures ownership of the prestigious Cannes Lions Festival but also expands its foothold in the global advertising industry. The festival, a cornerstone event held annually in Cannes, France, attracts industry leaders and creative minds from around the world.
Additionally, Informa outlined plans to bolster Ascential’s conference brands, including ambitions to launch the Money20/20 conference in the Middle East and Africa. This initiative aims to capitalize on burgeoning investor interest in financial technology and payment solutions across these regions.
The Cannes Lions Festival, celebrated for its influence and innovation within the advertising sector, will now be integrated into Informa’s newly established Festivals business unit. This strategic integration is expected to enhance Informa’s capabilities in delivering world-class events and conferences across diverse industries worldwide.
