UK publisher and events business Informa is buying Ascential, the owner of Cannes Lions, the annual festival of creativity.
The cash offer values Ascential at £1.2 billion (AUD2.35 billion).
Informa, which has an Australian-based arm, InformaConnect, plans to expand Cannes Lions and Money 202/20 events.
Cannes Lions will become the centre-piece of a new business, Informa Festivals, designed to showcase the value of experience-led festival brands.
Informa already has a number of its own major experience-led festival brands such as the Monaco Yacht Show (luxury), London Tech Week (future tech) and Black Hat (cyber security).
"Informa sees the opportunity to create significant value from further developing its own Festival brands, in combination with Lions' expertise, and accelerating the broader experience-led transformation of its wider B2B portfolio," the company said.
Informa chief executive Stephen A. Carter said the company is in the business of creating, nurturing and growing world class B2B brands.
"Lions and Money20/20 are outstanding examples of such brands," he said.
"Combined, we can expand them into more sectors, accelerate growth and take advantage of new opportunities.
"Informa has the operating platform and capacity. We have international reach into growth sectors. We have IIRIS, our First Party Data Platform, and we have an understanding of both the fintech and marketing sectors.
"These strengths make us ideally placed to capture the growth and acceleration opportunities available to both Lions and Money20/20."
Ascential CEO Philip Thomas said he was extremely proud of all of Ascential's brands and its people.
"Our two divisions, Lions and Money20/20, have transformed how our customers around the world experience events, and benefit from both digital intelligence and advisory services," he said.
"The value our businesses bring to their respective industries is clear as is the regard in which they are held by Informa.
"Informa is a highly respected business, famed for its expertise in B2B events, strong, ethical culture and commitment to innovation.
"This offer will not only deliver substantial value for our shareholders but also, together with Informa's international footprint and extensive capabilities in data and analytics, will unlock further growth opportunities for our brands and our people."
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