Laidlaw picks up £768m with IIR sale
TORY peer Irvine Laidlaw today sold his IIR conferences and training empire for £768 million to Lloyd's List magazine owner T&F Informa.
The deal cements Lord Laidlaw's position as one of Scotland's richest men and will lead to speculation that he may increase his contributions to the Conservatives.
Laidlaw, who is widely seen as a pioneer in the world of corporate exhibitions, came up with the idea of his company in the 1970s while attending an exhibition.
During a dull moment, he reputedly calculated on the back of an envelope the amount of profit that could be made from such events and decided to set up his own company. With his five yachts, private jet and helicopter, he is now based in Monaco but spends a lot of time in the House of Lords and on numerous charitable ventures, many of which are in education.
For T&F Informa, the deal gives it a massive leg-up in the world of exhibitions, adding such lucrative events as the Super Returns private equity show and GAIM for hedge fund managers as well as colourful events such as the Middle East's Arab Brides.
It is the group's first big step since last year's merger of Taylor & Francis and Informa. Also key for the buyer is IIR's corporate training and analysis division, which has contracts with US government departments.
The deal will be partially funded by an issue of new shares to raise £311m.
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