5th Jun 2008 07:00
5 June 2008
ITE Group plc
Acquisition of Interstroyexpo exhibition
ITE Group plc, the emerging and developing markets exhibitions specialist, today announces the acquisition of 75% of the issued share capital of Primexpo NW LLC from Mr Trofimov and the Restec Group, where Mr Trofimov is the majority shareholder. ITE has rights to acquire the remaining 25% on agreed terms in the future. Primexpo NW LLC was acquired with nil gross assets on completion.
Primexpo NW LLC is the organiser of the Interstroyexpo construction exhibition in St Petersburg, which takes place in April each year and is the leading construction event in the St Petersburg calendar. The acquisition of the Interstroyexpo exhibition will further strengthen ITE's core activities in the growing markets of Russia and the CIS and is highly complementary to the current sector profile of the Group's exhibition portfolio.
Commenting, ITE's Chief Executive, Russell Taylor said:
"Interstroyexpo is a high quality construction exhibition and conference which runs in the spring, the preferred season for construction events. ITE's autumn construction event, Balticbuild, has been competing with this event in St Petersburg for over ten years. Holding both events in the same portfolio will enable the Group to facilitate the reorganisation and growth of both events alongside each other, significantly strengthening ITE's position in the construction sector in St Petersburg."
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Enquiries:
|
Russell Taylor, CEO |
ITE Group plc |
020 7596 5000 |
|
Charlie Palmer/Helen Thomas |
Financial Dynamics |
0207 831 3113 |
Related Shares:
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