Informa to buy Cannes Lions Festival owner Ascential for £1.2 bn

British Group Informa has said that it has reached an agreement to buy Ascential, the owner of Cannes Lions Festival for £1.2 billion ($1.6 billion). Informa will also buy Money 50/50, Ascential’s fintech event.

The offer values the entire issued and to be issued share capital of Ascential at approximately £1.2 billion on a fully diluted basis.

Under the terms of the offer, each Ascential shareholder will be entitled to receive 568 pence in cash for each Ascential share held.

The addition of Cannes Lions Festival and Money20/20 makes for a powerful combination, with a blueprint for delivering further growth and expansion. Informa believes that it is uniquely positioned to provide the global platform and operations to enable Ascential’s divisions to continue their strong growth trajectory. This includes the substantial support, investment and expansion that comes with being part of a broader operating group.

As per media reports, Informa plans to make Cannes Lions the centre-piece of a new business, Informa Festivals, which is designed to showcase the value of experience-led, festival brands. Informa also plans to extend Money20/20 into the Middle East and Africa markets.