Blackstone has launched the sale of its global trade show organizing brand, Clarion Events, valuing the business at around £2 billion ($2.5 billion). This is one of the largest private equity assets to hit the market since recent geopolitical issues stalled dealmaking worldwide.

Clarion, which runs international exhibitions across various sectors, was acquired by Blackstone in 2017 for £600 million ($802 million). The private equity giant supported Clarion through the COVID-19 pandemic, which negatively impacted the company’s financial performance.

Interest From Global Investment Firms Builds Momentum

Anonymous sources claim that Blackstone began distributing information memoranda to potential buyers earlier this month. Interested parties include notable private equity firms such as CVC Capital Partners, KKR, PAI Partners, and Ardian. Asian investment firm Hillhouse is also eyeing the asset, attracted by Clarion’s presence in China through its Global Sources business.

Clarion’s valuation is expected to be around 12 times its earnings before interest, tax, depreciation, and amortisation, potentially reaching £2 billion. However, insiders caution that it is uncertain if a deal will be finalized.

Market Recovery Fuels Optimism After M&A Slowdown

This potential sale comes after a turbulent period in global markets, driven by the U.S. President Donald Trump’s aggressive tariff policies. Blackstone had reportedly delayed the process while awaiting more economic clarity and signs of market stabilization.

Investor confidence appears to be returning, aided by a temporary easing of trade tensions between the U.S. and China. Benchmark indexes in the U.S. (.SPX) and Europe (.STOXX) have rebounded, supporting a string of recent high-profile deals such as Prada’s $1.38 billion acquisition of Versace, DoorDash’s $3.6 billion bid for Deliveroo, and KKR’s $3.1 billion agreement to acquire post-trade services firm OSTTRA.

Clarion’s Rebound and Global Reach Draw Investor Appeal

Clarion’s latest financial results suggest the company is on a strong recovery path. Revenue climbed to £432.9 million in the 12 months through January 2024, up from £257 million the previous year. Operations were particularly strong in Asia, where the company resumed major events in China and Hong Kong. The firm also reported that its cash flows were outperforming budget expectations.

Clarion is known for staging marquee events like the London International Horse Show. Its global reach and diversified portfolio will be key to attracting bidders ready to expand in the live events sector.

While Blackstone, Clarion, and the prospective bidders have refused to comment on the ongoing sale, market watchers view it as a litmus test for investor appetite in the global M&A landscape.