Apax possible frontrunner to buy UK’s CloserStill Media from Providence, sources say

LONDON, April 29 (Reuters) - Private ​equity ⁠firm Apax has emerged as a ​possible frontrunner to acquire Providence Equity-owned UK exhibition business CloserStill Media, two people with ​knowledge ‌of the process said.

A deal could value the trade-show operator at ⁠over 1.2 billion pounds ($1.62 billion), one of ⁠the people said, speaking on condition ​of anonymity because the talks are private. A third person said Providence is expecting to sign a deal this week.

DETAILS:

* London-based Apax has been ​competing ‌in an auction for the unit that was held in recent months by CloserStill's owner, fellow buyout firm Providence Equity, the sources said.

* No agreement with Apax was guaranteed though and ​another party could ultimately emerge as the winner, the sources cautioned.

* Spokespeople for ‌Apax and Providence declined to comment. CloserStill had no immediate comment.

* The move comes as ‌dealmaking has returned to levels last seen before the Iran war.

* CloserStill runs specialist exhibitions across healthcare, learning and technology, with events including ​the London Vet Show, Cloud Expo Europe, Data Centre World, The Pharmacy Show and ‌The Dentistry Show.

* The deal would be one of the biggest in the events sector since Britain’s Informa acquired conference organiser UBM ⁠for 3.8 billion ⁠pounds in 2018. Blackstone last year launched ‌a process to sell Clarion for up to 2 billion pounds, but a ​deal never materialised.

* ​Providence bought a majority stake in CloserStill from Inflexion ‌Private Equity, NVM Private Equity and management in 2018 for 340 million pounds, one of the sources said.

Informa

Blackstone Inc