Events. ITE Group plc has completed its previously announced acquisition of Ascential Events Limited (The International Spring Fair etc) from Ascential plc for a total of £300m. It will help to re-balance a company that has traditionally been weighted towards the Russian market where it has long been the largest exhibition organiser. The decline of that market (due to the global banking crisis and also trade sanctions) has weighed on ITE. But its astonishingly steady 30% profit margins and a long tail of small exhibitions tell the story of a company which now needs catch-up investment in acquisitions and neglected core shows, while divesting a fair chunk of its 270+ exhibitions. This is the year of deals in global exhibitions. Everyone is waiting for the next moves from Blackstone (Penwell and Clarion), Reed Exhibitions, and Informa, the new market leader (now digesting UBM). Ex UBM management fall-out might even spawn some new organising companies. Meanwhile, will ITE be the diner or dinner?
Uncategorised
ITE completes £300m acquisition of UK shows
