18th Nov 2021 12:05
Hyve Group PLC - London-based exhibitions and conferences organiser - Fundraises and announces acquisition. Agrees to buy 121 Group (HK) Ltd and 121 Partners Ltd for initial consideration of GBP21 million, with estimated total consideration after earn-out to be between GBP42 million and GBP50 million. Says total consideration subject to a cap of GBP60 million. Notes 121's Cape Town, South Africa offering is "highly complementary to Mining Indaba", a mining-focused event run by Hyve. "The proven online model also opens new possibilities for Mining Indaba's expansion, with the ability to leverage existing 121 Group relationships with the mining investor communities internationally," Hyve adds.
In addition, Hyve places 13.8 million shares to raise GBP14.8 million and also announces direct subscription by investment funds managed by Strategic Value Partners LLC to raise further GBP14.3 million. Proceeds to be used to fund acquisition consideration. Adds that it has secured waivers to its leverage and interest cover covenants up to and including March 2023.
Current stock price: 111.80, up 3.7% on Thursday
Year-to-date change: down 1.2%
By Eric Cunha; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
HYVE.L