Blackstone is preparing to sell Clarion Events, the ICE iGaming conference’s London-based organiser, valued at around £2 billion. Four sources familiar with the deal claim the potential sale follows renewed investor confidence after a volatile period linked to the U.S. President Donald Trump’s recent tariffs.

Though still in its early stages, the deal is being watched closely to measure private equity interest in the events sector.

From Pandemic Struggles To Strong Recovery

Blackstone acquired Clarion Events in 2017 for £600 million and supported the company through the COVID-19 pandemic, one of the toughest periods in the events industry’s history.

Despite these setbacks, Clarion has staged an impressive comeback. For the 12 months before January 2024, the company reported £432.9 million revenue, increasing from £257 million the previous year. This is partly due to improved demand in critical markets like China and Hong Kong.

During its time under Blackstone’s ownership, Clarion expanded its portfolio to 125 events across sectors like gaming, defence, energy, and consumer technology. The company’s acquisition of Global Sources, a renowned exhibitions brand in Asia, further strengthened its presence in the region. According to CEO Lisa Hannant, Clarion’s growth is driven by a blend of double-digit revenue increases, data-centric strategies, and strict cost management. 

Timing the Market Amid Lingering Caution

Blackstone’s decision to explore a sale is shaped by market caution and emerging opportunity. Following renewed trade tensions between the U.S. and China, dealmaking had slumped to a two-decade low. Sources suggest Blackstone resisted earlier moves due to instability but has seen enough improvement to push a deal.

With tariffs easing, major stock indices in Europe and the United States are beginning to recover. This is encouraging a fresh wave of deal activity, as several major private equity firms, including CVC, KKR, PAI Partners, Ardian, and Hillhouse Investment are showing interest in Clarion. 

The £2 billion valuation is based on 12 times the company’s EBITDA, supported by strong cash flow performance exceeding early 2025 forecasts. However, sources close to the process advise that a deal is not guaranteed because of prevailing economic uncertainties.

A Standout Player In A Changing Industry

Clarion’s approach of creating curated “villages” within large events and its NPV (Needs, Purpose, Value) customer engagement model, has kept the brand  relevant while it expands globally.

Hillhouse Investment is reportedly interested in Clarion’s Asian operations connected to Global Sources. Also, industry consolidation is gathering pace, following Informa’s £1.2 billion acquisition of Ascential and DoorDash’s $3.6 billion move for Deliveroo.

Though economic issues persist, Clarion’s proven performance places it at the forefront of a potential resurgence in large-scale private equity transactions.