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UK - Providence and Carlyle to join Blackstone bid for Informa

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Blackstone is believed to be talking to Providence and Carlyle to arrange a joint bid for specialist business-to-business information provider Informa. It has been reported that a syndicate of banks led by JP Morgan has been lined up to provide most of the debt.

A consortium led by Providence and including Hellman & Friedman and Carlyle first approached Informa with a 506 pence per share indicative proposal at the beginning of July. However, Informa's shares have often traded below the indicative offer price as the market feared the consortium would fail to raise enough debt to finance the deal.

Yesterday, Informa's shares closed at 426p, valuing the business at £1.8bn. Hellman & Friedman have reportedly dropped out of the consortium in early July, with the remaining partners having held talks with Blackstone and Dubai World Trade Centre about mounting a joint bid.

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