21st Dec 2020 19:36
(Alliance News) - Hyve Group PLC on Monday said it has agreed to acquire digital events specialists Retail Meetup LLC for an initial GBP18.8 million.
The London-based exhibitions and conferences organiser said it may part with an additional GBP9.0 million in earn-outs, based on earnings from two events scheduled in financial 2021.
"Retail Meetup is a first of its kind digital event format for the e-commerce market that enables attendees to network and trade at scale. The acquisition will be funded through existing debt facilities and cash reserves," Hyve said.
"Covid-19 has demonstrated that whilst in-person events remain a critical forum to learn, network and trade, customers now want more touchpoints across the year in a more diverse range of formats."
Government measures imposed to halt the spread of Covid-19 hit in-person events in 2020 and Hyve explained that Retail Meetup offers the company a "flagship digital format".
Hyve shares closed 5.9% lower at 101.00 pence each in London on Monday.
By Eric Cunha; [email protected]
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