Apax Tipped as Front-Runner for CloserStill Media Acquisition from Providence
Private Equity Bidding War for CloserStill Media
By Amy-Jo Crowley
LONDON, April 29 (Reuters) - Private equity firm Apax has emerged as a possible frontrunner to acquire Providence Equity-owned UK exhibition business CloserStill Media, two people with knowledge of the process said.
A deal could value the trade-show operator at over 1.2 billion pounds ($1.62 billion), one of the people said, speaking on condition of anonymity because the talks are private. A third person said Providence is expecting to sign a deal this week.
Deal Details and Auction Process
DETAILS:
Apax and Providence: The Main Contenders
• London-based Apax has been competing in an auction for the unit that was held in recent months by CloserStill's owner, fellow buyout firm Providence Equity, the sources said.
Potential for Other Bidders
• No agreement with Apax was guaranteed though and another party could ultimately emerge as the winner, the sources cautioned.
• Spokespeople for Apax and Providence declined to comment. CloserStill had no immediate comment.
Market Context and Sector Impact
• The move comes as dealmaking has returned to levels last seen before the Iran war.
CloserStill's Event Portfolio
• CloserStill runs specialist exhibitions across healthcare, learning and technology, with events including the London Vet Show, Cloud Expo Europe, Data Centre World, The Pharmacy Show and The Dentistry Show.
Comparison to Previous Sector Deals
• The deal would be one of the biggest in the events sector since Britain’s Informa acquired conference organiser UBM for 3.8 billion pounds in 2018. Blackstone last year launched a process to sell Clarion for up to 2 billion pounds, but a deal never materialised.
Ownership History
• Providence bought a majority stake in CloserStill from Inflexion Private Equity, NVM Private Equity and management in 2018 for 340 million pounds, one of the sources said.
Financial Context
($1 = 0.7402 pounds)
(Reporting by Amy-Jo Crowley in London. Editing by Anousha Sakoui)
