London
& Mumbai, 4th December:
International trade exhibitions and conferences organiser, ITE Group, has acquired a
28% stake in Asian Business
Exhibitions and Conference (ABEC) US$22 million valuing ABEC at
approximately US$80 million.
ABEC runs 19 exhibitions in India covering
11 industry verticals. The company operates a total of 63 events with reported
profits of US$2.5 million for the year ended 31st March 2012 and has
assets of US$31 million.
ITE’s CEO, Russell Taylor, said, “ABEC has
a quality portfolio of events with strong market positions in sectors where ITE
has an established presence… ABEC’s events in the building, architecture,
design and decor industry total more than 65,000 m2 net of sold
exhibition space, giving ITE an interest in India’s dominant trade shows for
this growing sector. With an established event portfolio in the building and
interiors industry and a strong international sales network, ITE can deliver
significant value to ABEC’s business.”
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