The acquisition of Cannes Lions parent Ascential by U.K. events company Informa for an estimated $1.5 billion was completed on October 9, the companies confirmed. Simultaneous with the closing of the transaction, Ascential was delisted from its trading markets. 

Ascential confirmed that the sales process for subsidiary Hudson MX remains ongoing but that it is taking a write-down of 21 million GPB due to updated trading and economic conditions.  

The firm added that while the sales process continues there is no guarantee that a sale will be completed, which would likely affect shareholder returns. 

As reported earlier, Ascential owns 89.7% of Hudson MX's equity, with the remaining 10.3% believed to be owned by a group of common shareholders including former Hudson MX CEO JT Batson (now CEO and Secretary General of the U.S. Soccer Federation), seed round investors Michael Kassan and his son Alexander Kassan, and possibly others who were part of a restructuring of Hudson MX's equity ownership in February 2023 that canceled the shares of all other common shareholders, including those of Hudson MX employees and contractors who exercised their options agreements. 

Hudson MX suitors are believed to include its primary rival, Mediaocean, and possibly a consortium of ad agencies and/or others. 

Informa noted that it had previously issued a statement indicating that Ascential’s brands would become a part of Informa’s events business and that the Lions and Money20/20 businesses would operate within the Informa Connect operating division. 

But the company noted that that plan has changed and Lions would be part of Informa Festivals, a separate division from Informa Connect. 

Stephen A. Carter, Informa’s group chief executive, stated: “The completion of the Ascential acquisition, creation of Informa Festivals and prospective creation of Informa TechTarget will establish leadership and scale in all our chosen B2B market segments, complementing our strength in Academic markets and creating a platform for growth from 2025 to 2030.”  

He added: ”Over the last four years, our strategy has been to build further strength and depth in B2B businesses, targeting new growth opportunities as the Live B2B Events market segments and becomes increasingly sophisticated, and B2B Digital Services mature.”