Author: Fiona Craig

Informa (LSE:INF) has agreed to acquire events organiser Clarion from Blackstone for an enterprise value of £2.24 billion, or approximately $3 billion, as the group also begins a formal review of separating its Taylor & Francis academic publishing business.

The transaction values Clarion at 11.1 times expected 2027 EBITDA. Informa said the multiple would fall to approximately nine times after including £50 million of anticipated annual run-rate cost savings.

The company expects the acquisition to increase adjusted diluted earnings per share by a mid-single-digit percentage in 2027 and generate a post-tax return on invested capital of more than 10% by 2029.

Clarion Expected to Generate More Than £575 Million of Revenue

Clarion operates more than 100 business-to-business event brands, including the IFA consumer electronics exhibition in Germany, DSEI defence exhibition and ICE gaming event in Barcelona.

The business is expected to generate more than £575 million of revenue in 2027, with an adjusted operating margin above 30%.

Informa said the combination would create the largest UK-listed B2B events operator, with group revenue exceeding $6 billion and underlying growth of approximately 7%.

In addition to the planned £50 million of annual cost savings, Informa has identified £25 million of additional operating profit from potential revenue synergies by 2029.

Informa Plans £940 Million Equity Raise

Informa intends to fund the acquisition through acquisition financing and an equity raise of approximately £940 million, equivalent to around 9% of its existing share capital.

The equity financing will comprise an institutional placing and a retail offer. Informa will pause its existing share buyback as part of the transaction.

The company expects net debt to EBITDA to remain below three times at year-end and decline to below 2.5 times by the end of 2027.

Completion of the Clarion acquisition is expected late in the fourth quarter, subject to regulatory approvals.

Taylor & Francis Enters Formal Separation Review

Alongside the acquisition, Informa has launched a formal review of a potential separation of Taylor & Francis from the group.

The academic publishing business is approaching $1 billion in annual revenue and is growing at approximately 4% a year. Informa expects to report the outcome of the review alongside its full-year results in March 2027.

The company has not specified whether a separation would take the form of a sale, spin-off or another transaction.

Chief Executive Stephen Carter said: “With Taylor & Francis approaching $1bn in revenue, growing at 4%± and with its Open Research capabilities firmly established, we believe it will now benefit from greater flexibility and freedom through the next phase of its development, as Informa further expands the depth and reach of its B2B portfolio.”

Blackstone acquired Clarion from Providence Equity Partners in 2017 for £600 million.

Celebrus Technologies (LSE:CLBS) lowered its full-year 2027 guidance following a review of its sales pipeline, after first-half revenue declined and the company lost a major customer.

For the six months ended 30 September 2026, total revenue is expected to be approximately $9.2 million, compared with $10.4 million in the corresponding period a year earlier.

Software revenue increased to around $8.9 million, while lower third-party product sales contributed to the decline in overall revenue.

Annual recurring revenue fell 2% to $14.7 million following the loss of a major customer.

Adjusted First-Half Loss Narrows to $1.3 Million

Celebrus expects to report an adjusted loss before tax of approximately $1.3 million for the first half, compared with the figure supplied by the company indicating a slightly larger loss in the prior-year period.

The group remained debt-free and ended the period with cash of $22.3 million after dividend payments and share buybacks.

Management acknowledged execution issues associated with the loss of the customer as well as delays in closing new business.

The company said it has made changes across its marketing, sales and customer success operations. It has also appointed a new vice president of global services, with a focus on standardising the implementation of more complex projects.

FY27 Revenue Forecast at $20.0 Million to $20.5 Million

Following a review of its pipeline, the board now expects FY27 revenue of between $20.0 million and $20.5 million.

Celebrus also forecasts an adjusted pre-tax loss of between $2.8 million and $3.0 million for the full year.

The revised forecasts are below previous market expectations, according to the supplied material.

Celebrus Technologies Operations

Celebrus Technologies is an AIM-listed data solutions company providing software designed to capture and manage digital customer data and identities in real time.

Its technology is used for applications including marketing and fraud prevention, with customers operating across more than 30 countries.

Telecom Plus (LSE:TEP) maintained its full-year guidance for adjusted pre-tax profit of between £80 million and £90 million after reporting growth in customer and partner numbers during the first half.

The company, which operates under the Utility Warehouse brand, said multiservice organic customer numbers were growing at an annualised rate of more than 11%, while total organic customers reached approximately 1.32 million.

Telecom Plus said the performance reflected growth in its partner network and changes to its multiservice propositions as it progresses its five-year plan.

Partner Network Expands to More Than 88,000

Monthly active partner numbers increased by approximately 15%, while the total number of partners rose above 88,000.

The company also reported record attendance at its sales conference and has introduced incentives including share options and an unlimited mobile offering as part of its efforts to expand the partner network.

Telecom Plus is preparing a broader brand advertising campaign and continues to focus on increasing the number of services taken by individual customers across its energy, broadband, mobile and insurance products.

The group also reported progress with its digitalisation and insurance initiatives.

£40 Million Share Buyback Underway

Telecom Plus outlined a £40 million share buyback and said additional shareholder distributions are expected to be weighted towards the second half of the financial year.

The company is also targeting a reduction in leverage over the course of its five-year plan.

Telecom Plus noted that BT’s acquisition of its broadband platform provider provides additional security around its connectivity arrangements.

Management continues to target double-digit multiservice customer growth under its five-year strategy, while maintaining its FY27 adjusted pre-tax profit guidance of £80 million to £90 million.

Telecom Plus Operations

Telecom Plus operates as Utility Warehouse and provides household services including energy, broadband, mobile and insurance.

Customers can combine multiple services on a single monthly bill, with customer acquisition primarily conducted through the company’s nationwide partner network.

Kenmare Resources (LSE:KMR) has confirmed that it received a non-binding cash proposal from International Resources Holdings RSC Ltd for the entire issued and to be issued share capital of the company.

The confirmation followed recent market speculation regarding a potential transaction.

Kenmare said discussions with International Resources Holdings, or IRH, are ongoing. However, there is no certainty that the discussions will result in a firm offer or what the terms of any potential offer would be.

IRH Faces 17 November Takeover Deadline

Under the Irish Takeover Rules, IRH is required by 5:00 p.m. on 17 November 2026 either to announce a firm intention to make an offer for Kenmare or state that it does not intend to make an offer.

The deadline may be extended with the consent of the Irish Takeover Panel in accordance with the applicable rules.

The announcement also places Kenmare in an offer period, triggering disclosure requirements under the Irish Takeover Rules. Investors holding interests of 1% or more in relevant securities are subject to applicable dealing and position disclosure requirements during this period.

Kenmare said the announcement also formally places previously unpublished inside information relating to the approach into the public domain.

Kenmare Resources Operations

Kenmare Resources is a mineral sands producer whose shares are listed on the London Stock Exchange and Euronext Dublin.

The company has approximately 89.2 million ordinary shares in issue and also operates a restricted share option plan.

No firm takeover offer has been announced, and the terms of any potential transaction remain subject to the outcome of discussions between Kenmare and IRH.

Georgina Energy PLC (LSE:GEX) is preparing to conduct site inspections at its Mt Winter helium, hydrogen and hydrocarbons prospect in Australia’s Amadeus Basin as it progresses plans for re-entry at the project.

The company said inspections are scheduled to take place from 18 to 23 October and will cover civil engineering access, environmental assessments and the layout of a planned seismic programme.

The work is intended to support preparations for prospect re-entry and future drilling activities at Mt Winter.

Regulatory and Land Access Work Progresses

Georgina said terms under the Aboriginal Land Rights Act have been agreed, while approvals from the Central Land Council and Traditional Owners are targeted for mid-November.

Approval for the planned seismic programme is also expected shortly, according to the company.

Georgina is separately progressing settlement of its acquisition of a 100% interest in EP155, which contains the Mt Winter prospect, and has begun preliminary discussions with drilling contractors.

Chief executive Anthony Hamilton said the forthcoming inspection would support planning for civil works and environmental approvals ahead of potential drill rig mobilisation.

Mt Winter Targets Helium, Hydrogen and Hydrocarbons

Georgina has identified Mt Winter as prospective for helium, hydrogen and hydrocarbons based on its internal resource estimates. These remain estimates, and the supplied material does not establish that commercially recoverable resources have been demonstrated at the project.

Mt Winter is located in the Amadeus Basin near the producing Mereenie Oil & Gas Field.

The company is also advancing the Hussar prospect in Australia’s Officer Basin as part of its exploration and development portfolio.

Georgina Energy Operations

Georgina Energy is a London-listed helium, hydrogen and natural gas exploration and development company with onshore interests in Australia.

Through subsidiary Westmarket O&G, the company holds a 100% interest in the Hussar prospect and is progressing towards a full working interest in Mt Winter.

Its exploration strategy is focused on evaluating helium, hydrogen and gaseous hydrocarbon resources across the two projects.