24th Dec 2008 07:00
24 December 2008
ITE Group plc
Acquisition of Newex Marketing Limited
ITE Group plc, the emerging and developing markets exhibitions specialist, today announces the acquisition of Newex Marketing Limited from its owner Vigity Limited. Newex Marketing Limited owns 75% of the company which owns EMITT, the annual travel and tourism exhibition taking place in Istanbul, and the leading Hotel Guide for the Turkish market (together 'the Business').
The operating profits of the Business are circa $2.0m per annum and it has nil gross assets at completion. Initial consideration of $5.05m will be paid in cash on completion and in addition deferred consideration will be payable in cash based upon the performance of the business over 2009 and 2010. There are matching put and call options over the remaining 25% of the shares on agreed terms in the future.
Commenting on the acquisition, ITE's Chief Executive Officer, Russell Taylor, said:
"EMITT is the market leading travel and tourism exhibition in Turkey. The addition of EMITT to ITE's portfolio is consistent with our strategy of building market leading positions in core markets and sectors. ITE already has a strong market position in international travel and tourism exhibitions which will facilitate and support the future expansion of this new business."
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Enquiries: |
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Russell Taylor, CEO |
ITE Group plc |
0207 596 5000 |
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Charlie Palmer/Helen Thomas |
Financial Dynamics |
0207 831 3113 |
Related Shares:
HYVE.L