Informa to purchase Cannes Lions owner Ascential for $1.6 billion

The Cannes Lions conference, an annual advertising industry event held in France, will become a central component of Informa's new Festivals business unit.

Britain's Informa announced that it has reached an agreement to acquire Ascential, the owner of the Cannes Lions Festival, for £1.2 billion ($1.6 billion). This acquisition will add the advertising industry conference to Informa's roster of events.

Informa will pay Ascential investors approximately 568 pence per share, representing a 53% premium over the company's closing share price on Monday. The transaction, which is pending shareholder approval, is anticipated to be completed in the fourth quarter.

Informa further announced its plans to expand the Ascential conference brands, including pushing the Money20/20 conference into the Middle East and Africa to capitalise on growing investor interest in fintech and payments.

The Cannes Lions conference, an annual event in France for the advertising industry, will become a key part of Informa's new Festivals business unit. Informa, known for hosting conferences, exhibitions, and training courses globally, also manages regional events such as the Film and Comic Con in Abu Dhabi and Jewellery Arabia in Bahrain.

Following the announcement, shares in Ascential, which also owns the Money20/20 fintech events, surged by 26% to 565 pence, approaching the 568 pence per share cash offer.