Shareholders Give Go Ahead for $5.5 Billion Informa Buy of UBM
April 17, 2018
After a shareholder vote today in which 99 percent voted in favor of approval, Informa’s $5.5 billion valued deal to buy UBM was given the greenlight, creating the largest trade show company in the world.
“We are encouraged by the strong support from shareholders of both companies for this combination, which will create a leading, international B2B Information Services Group,” said Stephen A. Carter, Informa’s CEO.
Under the terms of the offer, UBM shareholders will receive 1.083 Informa shares for each UBM share and $2.33 in cash.
Carter in an earlier statement said that shareholders would see strong growth and continued value from the merger.
“We will seek to operate with speed and purpose through an Accelerated Integration Plan that unifies management, combines our businesses and adopts a focused approach to Industry Specialisation,” he added.
Carter said, “This will ensure the Enlarged Group enters 2019 as a single business, with positive growth momentum and well-placed to deliver at least £60 million ($84 million) of annual recurring operating synergies."
The offer will result in Informa Shareholders owning approximately 65.5 percent of the larger company and UBM Shareholders owning approximately 34.5 percent.
The larger company will employ around 11,000 colleagues (approximately 4,500 in the Americas, 2,500 in Asia, 500 in EMEA and 3,500 in the UK), and will be a leading exhibitions business in the key growth markets of China and the U.S., further accelerating the opportunities that both Informa and UBM have been pursuing, according to company officials.
Shows under the new, larger group umbrella span from World of Concrete to MAGIC Market Week to WasteExpo to the Game Developers Conference.
Patrick Martell, Informa’s CEO of business intelligence, will lead UBM through the integration process until end of 2018.
Martell will report to Informa CEO Stephen Carter, who will be CEO of the combined company.
Martell will work closely with Charlie McCurdy, CEO of Informa's Global Exhibitions Division, Andrew Mullins, CEO of Informa's Knowledge & Networking Division, and senior operating management from UBM to develop the combined company’s operating model and management structure.
Current Informa Chairman Derek Mapp will be chairman of the combined company, and UBM Chairman Greg Lock will become deputy chairman.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
Add new comment