Consortium tables offer for Ascential's events arm - report

4th Oct 2023 12:43

(Sharecast News) - A consortium of strategic and financial investors has reportedly approached Ascential with a bid to take over its Cannes Lions and other events operations.

According to Sky News, private-equity backed exhibitions company Hyve, and MediaLink, a media and marketing advisory firm owned by United Talent Agency, tabled an offer to acquire Ascential's events arm in the last few weeks.

The consortium, which is also understood to have third-party financing from an unnamed buyout firm, is understood to be being advised by LionTree Advisors, the investment bank.

Under its plans, MediaLink would acquire the Lions and associated assets including WARC, while Hyve would become the owner of Money 20/20, a major international fintech event.

Sky said it was unclear on Wednesday whether Ascential's board, chaired by Scott Forbes, had engaged with the consortium on its offer. It also said that the value of the bid could not be ascertained.

Last week, Ascential confirmed a Sky News report that it was in exclusive talks with PE firm Apax Partners about the sale of its WGSN consumer trends data business.

Ascential declined to comment on the story.

At 1258 BST, the shares were up 6.5% at 216.65p.