Events giant ITE plans bid for exhibition business Ascential
Events organiser ITE is weighing up a £300m bid for an exhibition business put up for sale by the owner of Retail Week and the Cannes Lions advertising festival.
London-listed ITE, which runs the Moda fashion industry trade show, is among a pack of suitors for the division.
Ascential, formerly known as Emap, launched a “strategic review” of its exhibitions arm in February.
Chief executive Duncan Painter is aiming to increase the proportion of revenues generated from digital and data services. The company, which has a market value of £1.7bn, recently spent $120m (£85.2m) on Clavis Insight, a Dublin-based ecommerce analytics provider.
Ascential has put the bulk of its exhibition wing on the auction block. However, Painter is holding on to Cannes Lions, the festival…