29th Apr 2008 07:00
ITE Group PLC29 April 2008 29 April 2008 ITE Group plc Acquisition of Siberian Fair LLC ITE Group plc, the emerging and developing markets exhibitions specialist, todayannounces the acquisition of 100% of the issued share capital of Siberian FairLLC, an exhibitions business based in Siberia, for a total cash consideration ofUS$12.1m. The acquisition further strengthens ITE's core activities in thegrowing markets of Russia and the CIS and is highly complementary to the sectorprofile of the Group's exhibition portfolio. The consideration is payable US$5.4m on completion, US$4.9m three months aftercompletion and US$1.8m 12 months after completion. Siberian Fair LLC is based inNovosibirsk, Siberia and owns a comprehensive portfolio of 30 exhibitionsservicing business requirements of the Novosibirsk region. The largestexhibitions are in Construction, Furniture & Interiors, Motor, Food Products &Packaging and Agriculture. The business has around 160 employees and in 2007 itgenerated revenue of approximately US$10m and profit before tax of approximatelyUS$3.5 million. Gross assets of approximately US$1m are being acquired as partof this transaction. The business will be managed by ITE's Moscow office, withoperational continuity provided by Mr Tsoi, aged 42, the General Director ofSiberian Fair LLC since 2003, who will remain with the business. Commenting, ITE acting Chief Executive, Russell Taylor said: "This acquisition, which complements our current activities in Russia, is thefirst major step in ITE's plans to expand its regional exhibition business inRussia. Novosibirsk is the commercial hub of Siberia and an increasing numberof our international customers have expressed an interest in exhibiting in thisand other regions. This, together with the plans to build new exhibitionfacilities, provides a powerful stimulus for the future growth of our businessin this region." - ends - Enquiries: Russell Taylor, Acting CEO / FD ITE Group plc 020 7596 5000Charlie Palmer / Helen Thomas Financial Dynamics 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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