19th Jul 2022 10:07
(Alliance News) - Hyve Group PLC on Tuesday said it has sold its business in Ukraine to ProExpo (Europe) Ltd, in a management buy-out led by Anatoly Sushon, managing director of the business there.
The London-based events organiser said it will receive up to GBP3 million via an earnout consideration, which will be paid annually until September 2027 based on the profitability of the Ukraine business.
Due to the ongoing conflict in Ukraine, no events can be held. Therefore, Hyve has agreed to support ProExpo, which is led by Sushon, with funding of up to GBP1.2 million to be repaid by September 2027, also dependent on future profitability.
Back in March, Hyve announced its plans to exit the Russian market due to the war.
Chief Executive Officer Mark Shashoua said: "Premier Expo, our Ukrainian business, has been a valued part of Hyve for over 20 years. We care deeply about the employees and their families and have supported them through these challenging times. Both parties believe that by transitioning ownership to the experienced and committed local management team, the business will have the agility to recover for the future."
Hyve shares were untraded at 64.00 pence each in London on Tuesday morning.
By Sophie Rose; [email protected]
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