Informa (LSE:INF) has announced its intention to raise some £940 million through an equity issue to part-fund the acquisition of Clarion Events, a leading international B2B Live Events business.
The acquisition values Clarion at an enterprise value of approximately £2.24 billion.
Informa also issued a trading update, confirming that current trading remains on track for full-year expectations, setting out its intention to separate the Taylor & Francis academic publishing business to focus on its core B2B operations, and detailing the earnings-enhancing Clarion acquisition.
The equity issue comprises three elements: a non-pre-emptive placing of up to approximately £940 million to institutional investors, a retail offer via RetailBook giving UK retail investors the chance to buy shares at the same price, and a subscription by certain directors and the executive management team worth up to £1.6 million in aggregate.
Informa's largest institutional shareholder has stated its intention to participate in the placing on a pro rata basis.
The placing is being run through an accelerated bookbuild launched immediately following the announcement, with Morgan Stanley acting as sole global coordinator and joint bookrunner alongside BofA Securities and Deutsche Bank.
The placing, retail offer and subscription shares combined are not expected to exceed 10% of Informa's current issued share capital, with the company relying on allotment and pre-emption disapplication authorities granted by shareholders at its annual general meeting on 18 June.
The acquisition builds on a period of active capital management at Informa: the group completed a €500 million six-year Eurobond in July, extending average debt maturity to 4.4 years, and raised its 2026 share buyback commitment from £250 million to £350 million.
Clarion adds to Informa's existing B2B Live Events division, which includes Informa Markets, Connect, Festivals and Tech and delivered underlying revenue growth of 8.0% in the first half of 2026, with Informa Markets growing more than 10%.
A separate announcement on the Retail Offer and its terms is expected shortly.