Cannes Lion owner Ascential agrees to sell to Informa for $1.5 billion

Britain's Informa has reached a deal to buy Cannes Lions Festival owner Ascential for $1.6 billion, adding the flagship ad industry conference to its portfolio of events. Informa already has a number of its own experience-led, festival brands such as the Monaco Yacht Show, London Tech Week, and the Black Hat cyber security festival.

Informa said it would expand both events and accelerate growth, helped by its data platform and understanding of both the marketing and fintech sectors, according to a Reuters report.

It is said that Informa wants to extend money 20/20 into the Middle East and Africa, due to the region’s rapid growth and significant investment in financial technology, particularly around payments. This includes the Kingdom of Saudi Arabia, where Informa has established a joint venture partnership Tahaluf.

Stephen A. Carter, Chief Executive, Informa, said that both companies delivered double-digit growth in the first half of this year and were confident about their prospects. "Powerful brands serving specialist markets are doing extremely well. e're not buying this business for cost reduction, we're buying this business for growth," he said.

Ascential reportedly employs around 700 people. The company's CEO, Philip Thomas said, “Informa is a highly respected business, famed for its expertise in B2B events, strong, ethical culture and commitment to innovation. This offer will not only deliver substantial value for our shareholders but also, together with Informa’s international footprint and extensive capabilities in data and analytics, will unlock further growth opportunities for our brands and our people.”