Onex has been in talks with potential advisers about the future ownership of Emerald, a U.S.-based trade show organiser, amid a post-pandemic rebound in the business events sector, two people familiar with the matter told Reuters. A spokesperson for Onex confirmed receiving a request for comment from Reuters but did not respond further. UK events organiser Hyve Group agreed in June to a 524 million pound ($650 million) offer from private equity firms Providence and Searchlight, while Informa in March announced it bought smaller rival Tarsus for $940 million.
By Amy-Jo Crowley and Milana Vinn
The Toronto-based buyout group has discussed options such as a full or partial sale of its 90.7% stake in Emerald, the people said, speaking on condition of anonymity. It may kick off an auction process at the end of the year or early next year, one of the people added.A spokesperson for Onex confirmed receiving a request for comment from Reuters but did not respond further. Emerald did not respond to requests for comment.
Possible bidders could include strategic buyers or private equity firms that could use Emerald as a platform to pursue a "buy and build" strategy to consolidate the fragmented sector, two of the sources said. Onex acquired it from Nielsen Holdings for $950 million in 2013 - when it was called Nielsen Expositions - before listing it on the New York Stock Exchange in 2017.
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