Events group Ascential eyes break up and US listing
London-listed media and events group Ascential has confirmed today it is exploring spinning off a section of its business, after reports that it was looking to float its digital assets in the US.
Ascential, which owns the Cannes Lions advertising festival, is reportedly working with investment bankers on plans to demerge its digital assets and list them in New York where they are expected to fetch a higher price tag than in London.
The firm was first revealed to have been exploring a sale over the weekend by Sky News and bosses have today confirmed the plans.
“As demonstrated on a number of occasions, Ascential’s Board regularly evaluates the optimal organisational and capital structure for the business to continue both the successful delivery of the Group’s strategy for the benefit of our customers and to maximise shareholder value,” bosses said today in a statement.
“Ascential confirms that it is in the early stages of evaluating the merits of a managed separation of certain assets of the Group.”
Ascential is expected to retain a London-listing for its event operations, including Money 20/20 and World Retail Congress. Sources told Sky News that the spin off was being pushed through by Duncan Painter, Ascential’s chief executive, in order to drive value to shareholders.
Shares in Ascential jumped over seven per cent in early trading this morning.