Informa Agreed to Buy Dubai Air Show Manager Tarsus for $940 Million

Scott Peters
09 Mar, 2023
New York City

Informa PLC rose as much as 2.5% before closing unchanged at 68.42 pence after the event management company agreed to acquire Tarsus Group from the private equity group Charterhouse Capital Partners for $940 million.  

The event and book publishing company announced the acquisition along with its annual financial results for 2022. 

Informa agreed to pay $210 million in cash and the remainder through its stock with a two-year lock up and additional earnout of $45 million if Informa stock price traded at 850 pence in the lock-up period. 

Tarsus owns and operates a portfolio of 160 live and on-demand business to business events and ten largest events attract 515,000 attendees and 8,350 exhibitors.  

The purchase price is 9.9 times Tarsus's operating earnings in the financial year 2023-24 and 9 times operating earnings in 2024-25.  

Revenue in 2022 increased to £2.2 billion from £1.6 billion and net income from the continuing operations increased to £142.1 million from £44.3 million a year ago.  

Tarsus is known for its Off Price Show in the U.S. and Dubai Air Show in the UAE and the business-to-business event management company generates about 49% of its revenue in the Americas and 25% in Asia including Turkey. 

The acquisition of Tarsus Group is expected to expand Informa's portfolio of events in top 10 category to 85. 

Informa estimated annual operating synergy of $20 million through better event contracts, procurements and real estate management.    

“We have long admired the Tarsus business which, like Informa, has been built around major brands in attractive, specialist B2B markets in the growing regions of Asia, China, the Middle East and the Americas,” Informa Chief Executive Officer Stephen Carter said. 

The acquisition is expected to be completed by the end June 2023. 

Under Carter's leadership the company has been busy reshuffling its portfolio and last year acquired business news publisher Industry Dive and sold its interest in Pharma Intelligence, Maritime Intelligence and