LONDON, July 24 (Reuters) - Britain's Informa ( IFPJF )

said on Wednesday it had agreed to buy Cannes Lions Festival

owner Ascential ( AIAPF ) for 1.2 billion pounds ($1.6 billion),

adding the prominent advertising industry conference to its

portfolio of events.

Ascential ( AIAPF ), which also owns the Money20/20 fintech events,

said on Tuesday after the market closed that it had received the

cash offer, which it was minded to recommend.

Informa ( IFPJF ) said it would expand both events into more sectors

and accelerate growth, helped by its first-party data platform

and understanding of both the marketing and fintech sectors.

It has agreed to pay 568 pence per share, representing a 53%

premium on the closing price of 371 pence on Monday.

Informa ( IFPJF ) announced the deal alongside its first-half results

that showed underlying operating profit growth of 18.8% and

revenue growth of 11%.

The strong performance enabled it to upgrade its

expectations for the full year.

It said adjusted operating profit would be above the top of

current guidance, which stands at 970 million pounds, and now

could be up to 1 billion pounds.

($1 = 0.7756 pounds)