London, 1st February: London-based Clarion Events, a leading global events organiser, has recently completed a “merger” with Global Sources, a Hong Kong-based exhibition organiser and B2B online marketplace operator. Terms of the transaction were not disclosed. Funds managed by Blackstone, a private equity group, will control the combined group.
After the merger, the combined group will be a global player in the B2B events industry organising some 200 events annually across Asia, Europe and North America, and generating revenues of more than US$370 million.
Although the press release positions this transaction as a merger, it appears to be closer to a Clarion acquisition. According to Blackstone’s press release, Clarion’s management team, including CEO Russell Wilcox and Chairman Simon Kimble, will lead the combined group. The group operate under the name of Clarion Events, while retaining the Global Sources brand in Asia.
Russell Wilcox, commented, “This merger marks an important milestone for both companies as we embark on an exciting new chapter. With the support of Blackstone, the new Group is well positioned to take advantage of our combined scale and global platform. We look forward to working with the Global Sources management, and believe that the remarkable expertise and capability of the combined company offers a very strong opportunity for future growth.”
Source: Blackstone press release