Mumbai: The festival of festivals for the advertising industry - the Cannes Lions -  is changing hands. Informa, an international B2B events, digital services, and academic markets group, earlier today announced that it has agreed to buy   Ascential - the owner of the Lions for a hefty 1.2 billion pounds. This acquisition adds the renowned advertising industry conference to Informa's extensive portfolio of events.

Informa group chief executive Stephen A. Carter said “As the world digitises at pace, our brands, our content and our market positions are becoming more valuable. This is moving Informa into a faster growth lane for performance, expansion and returns, as demonstrated by our full-year target of up to £1bn of adjusted operating profit and today’s recommended offer for Ascential plc”

Carter was referring to the half-yearly results the company announced on 24 July. 
Operating profit rose a healthy 18.8 per cent, revenue climbed up 11 per cent and dividends by  10 per cent. The acquisition of Ascential reflects Informa's commitment to leveraging its market position and digital capabilities to foster growth.

Shares in Ascential, which also owns the Money20/20 fintech event, surged by 26 per cent following the announcement, approaching the 568 pence per share cash offer from Informa. The deal, which is a 53 per cent premium over Ascential's recent closing price, is expected to boost Informa's adjusted earnings per share by at least 5 per cent in the first full year, driven by strong revenue growth and anticipated cost savings.