WORLD - Clarion, organiser of more than 200 leading events worldwide, has been sold to global asset management firm Providence Equity.
The deal was announced to Clarion staff on 9 January, and is reportedly worth just north of £200m.
It is understood that Providence, who are a leading global investor specialising in media, communications, education and information industries, were up against a number of other competing parties in the second round of bidding, including, ITE Group, Penton Media, Charterhouse Capital Partners and finally Carlyle Group LP.
Providence, who sources say overcame a strong bid from Carlyle Group in the final stage, are expected to invest heavily in Clarion as the organiser looks to start expanding aggressively again, with the company already said to be looking at international acquisitions both large and small.
Simon Kimble, Clarion's executive chairman, has not responded to a request for comment.
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