Informa acquires Penton, the US- based Exhibitions and Information Services group, for £1.2bn.

Informa, the Business Intelligence, Exhibitions, Events and Academic Publishing Group, is to acquire Penton, the independent US- based Exhibitions and Professional Information Services group, from MidOcean Partners and Wasserstein & Co for £1.18bn.

The Acquisition will be funded through a combination of new debt and equity, including a fully underwritten rights issue of one Rights Issue Shares at 441 pence each for every four Existing Informa Shares to raise £715m. The Sellers will receive £1,105m consideration in cash and £76m in new Informa equity with a holding period of up to one year. Within this, £6m is to be paid to the management of Penton who own shares in the New York-based Group.

Based on Penton’s results for the 12 months ended 30 June 20161, the Board consider that these results imply a trailing acquisition multiple of approximately 11x adjusted EBITDA.

The acquisition will create one of the world’s largest owner/operators of Exhibitions, Events and Conferences. On completion, Informa’s US business will account for 47% of annual pro-forma revenues. It will also mean that less than 10pc of Informa’s revenue will be earned in the UK.

Penton’s portfolio of around 30 Exhibitions includes brands in Natural Products & Food (Natural Products Expo), Agriculture (Farm Progress), TMT (IWCE), Infrastructure (WasteExpo) and Transportation (MRO Event Portfolio).

Additionally, Penton has more than 20 digital subscription data Brands in verticals including Infrastructure (Equipment Watch), Transportation (Aviation Week Intelligence Network) and Design & Manufacturing (SourceESB), and a portfolio of 100+ print and digital B2B insight products .

informa-carterStephen A. Carter, Group Chief Executive, said: “Today we are announcing continued progress on our Growth Acceleration Plan with the proposed addition of Penton Information Services. This combination will further strengthen our capabilities in Global Exhibitions and Business Intelligence and extend our US presence.”


The acquisition is expected to complete by early November.

15 September 2016

Announcement date

15 September 2016

Posting of Circular to shareholders and Prospectus published

10 October 2016

General Meeting for Shareholders

11 October 2016

Admission of Rights Issue Shares and dealings in Nil Paid Rights on the London Stock Exchange

26 October 2016

Results of Rights Issue announced

26 October 2016

Dealings in Rights Issue Shares, fully paid, commence on the London Stock Exchange

November 2016

Expected date of completion

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