London, 5th September: Earlier this week, London-listed ITE Group plc announced plans to sell ITE Expo LLC to Shtab-Expo LLC. ITE will receive US$9.4 million over the nine years following completion of the transaction together with additional variable consideration of up to US$5.9 million.
ITE Expo operates 56 of the Group’s non-core, regionally focused, smaller events in Russia. ITE will hold onto 16 core events in Russia, including market-leading brands such as MosBuild, WorldFood Moscow, YugAgro and MITT, will form part of a new legal entity, ITE Expo International LLC.
In the financial year ended 30th September 2017, these 56 events generated revenues of £12.0 million (US$16 million) and resulted in operating profits of £1.3 million (US$1.7 million). The gross assets of these events were estimated to be £14.3 million (US$19 million) as of 30th September 2017.