Blackstone, the world’s largest private equity fund, is reported to be reviewing options to sell Clarion Events, due to improved market conditions.
Reported by Reuters, the PE fund is targeting a £2bn sale of Clarion Gaming, to fetch a three-fold return on the global corporate events firm it acquired in 2017 from Providence Equity Partners for £600m.
The move comes as global markets attempt to find their footing after weeks of volatility triggered by renewed US tariff tensions and the spectre of recessionary pressure. Deal conditions are bolstered by a strong recovery in China and Hong Kong, as Asia is viewed as a prime growth region for the expansion of corporate events.
Of significance, Clarion Events has rebounded sharply since pandemic-era disruptions, reporting £432m in revenue in the twelve months to January 2024. Its international appeal for buyers is underpinned by a strong portfolio that includes ICE Barcelona (gambling), DSEI (defence), and POWERGEN International (energy),
Private equity heavyweights including CVC, KKR, Ardian and Hillhouse Investment have reportedly been approached, with market sources suggesting a valuation multiple of around 12x EBITDA. A sale would mark a substantial return for Blackstone, capping a seven-year hold period and aligning with broader signs of revival in M&A activity.
Backdrop is far from stable
Last week, markets were jolted by confirmation that President Trump intends to pursue a renewed global tariffs agenda. The resulting investor anxiety caused Blackstone’s share price to fall 15% and prompted questions about the firm’s exposure to cyclical sectors—particularly across its European portfolio, which accounts for roughly a quarter of its $1.2 trillion in assets under management.
A significant share of these holdings sits within Blackstone Property Partners Europe (BPPE), whose €100 billion real estate portfolio is diversified across hotels, retail, and leisure.
While tariffs do not directly impact property, the broader macroeconomic disruption is likely to affect consumer-facing businesses. Clarion’s reliance on corporate travel and global participation in live events reflects this fragility. Sources close to the matter suggest that Blackstone may be re-evaluating its European investment strategy.
Cirsa, the Spanish gambling and leisure group acquired for €2bn in 2018, had been positioned for a 2024 IPO. However, that listing is now shelved, with investment banks including Morgan Stanley and Barclays recommending a postponement. A private sale is reportedly back under consideration.
Meanwhile, Blackstone’s €1.3bn capitalisation of Romanian digital betting firm Superbet earlier this year underscores its continued bet on regulated online gambling across Central and Eastern Europe. However, even growth assets are now subject to shifting valuations and increasing market headwinds.
Clarion’s own fate reflects these challenges. Though a 2024 valuation reached £2.4 billion, and plans for a public exit had been discussed, Blackstone now appears focused on a direct sale. The firm faces similar decisions across other assets as IPO windows tighten and investor sentiment cools.
President and COO Jonathan Gray has cautioned against “knee-jerk reactions” to geopolitical noise. In a recent investor call, he emphasised that volatility often opens up disciplined opportunities for long-term capital.
However, few at Blackstone would dispute that its European assets, particularly those tied to discretionary consumer spending, are under increasing scrutiny.
While the M&A market shows signs of thawing, the aftershocks of tariff policy, inflation concerns, and a fragile global recovery continue to complicate exit strategies. The outcome of Clarion’s sale may well serve as a bellwether for Blackstone’s ability to navigate this new era of asset revaluation.
