A major buyout firm is in talks to buy WGSN, a provider of consumer data, in a deal that would mark the start of a break-up of its FTSE 250 parent company.

Sky News has learnt that Apax Partners has entered exclusive negotiations to buy WGSN from Ascential, which also owns the events organiser behind the Cannes Lions advertising festival.

City sources said on Thursday that the discussions between Apax and Ascential were now at an advanced stage, with an agreement expected to be reached within a fortnight.

The price that Apax is expected to pay for the business is unclear, although market insiders said it was likely to be substantially below the £700m mooted earlier this year.

Along with other bidders for WGSN, which provides consumer trends data to blue-chip clients, Apax had appeared to lose interest in the process several months ago.

Apax was previously the owner of Emap, which through a series of corporate transactions ultimately became Ascential.

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The London-listed group wants to sell WGSN and list its digital commerce business in the US, leaving its events operation as a standalone company.

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However, Ascential’s stock has performed weakly since the break-up plan was announced by Duncan Painter, its chief executive.

The shares are down 7% during the last 12 months and the entire group now has a market value of little more than £860m.

Apax and Ascential both declined to comment.

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