Investment giant Blackstone has formally initiated a sale process for London-based Clarion Events.
The firm, which operates a portfolio of international B2B trade shows across sectors including electronics, gaming and energy, has been valued at around £2bn by the US firm.
The potential deal could be one of the largest private equity exits of the year and will end an eight-year relationship between the two companies.
The New York-headquartered investment firm has begun circulating information memoranda to prospective buyers, with interest reportedly received from businesses such as CVC Capital Partners, KKR, Ardian and PAI Partners.
Pan-Asian private equity house Hillhouse Investment is also reportedly showing interest in the asset, with Clarion having a significant Chinese presence via its Global Sources platform.
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Clarion is led by CEO Lisa Hannant and was acquired by Blackstone in 2017 for £600m.
It has seen a resurgence in revenue since a dip from 2020 due to the Covid-19 pandemic.
The company reported a 68 per cent increase in revenue to £432.9m for the 12 months to January 2024, buoyed by a full rebound in Asia-Pacific markets, including China and Hong Kong.
Blackstone recently released its Q1 2025 earnings, with net income standing at $614.8m, dropping YoY from $847.4m in Q1 2024.
Its share price has also dropped throughout the year, falling from 173.75 cents on January 2nd to 137.49 as of today.
The company, which is listed on the New York Stock Exchange, has a market cap of $166.81bn.
According to sources, the process could value Clarion at approximately 12x EBITDA, although there is no certainty that a deal will be agreed.