Blackstone preps for sale of Clarion Events’ Asian business

Blackstone is preparing to sell the Asian operations of events organiser Clarion Events as the private equity firm looks to restart a broader disposal of the business, according to a report by Bloomberg citing unnamed people familiar with the matter.

Blackstone is working with Goldman Sachs on the potential sale, which could value Clarion’s Asian unit at between $600m and $700m, the people said.

The buyout firm has begun approaching prospective buyers, including other industry participants and private equity investors. Blackstone intends to pursue separate sales of Clarion’s remaining European and US operations after completing a transaction for the Asian business, according to the people.

The discussions remain preliminary and may not result in a deal. Representatives for Blackstone and Goldman Sachs reportedly declined to comment.

Blackstone previously explored a sale of Clarion as a whole, with the organiser potentially valued at around £2bn ($2.7bn), including debt. That process though, was abandoned after potential buyers showed greater interest in individual markets or regions rather than acquiring the business in its entirety, according to people familiar with the earlier process.

Founded in 1947, Clarion organises international trade shows and exhibitions spanning areas including consumer electronics, defence and security, gaming and technology.

Blackstone acquired Clarion from Providence Equity Partners in 2017. The firm subsequently expanded the business, including through its 2018 combination with Global Sources, a Hong Kong-listed business focused on business-to-business trade and exhibitions.