LONDON (Alliance News) - Euromoney Institutional Investor PLC on Wednesday said it has sold the Mining Indaba business to ITE Group PLC for GBP30.1 million.
The business runs the annual "Investing in African Mining Indaba" in Cape Town, with the 24th edition held last February.
ITE said the deal is being funded on a cash-free, debt-free basis, and is part of its plan to develop a "world leading" portfolio of events.
ITE Chief Executive Mark Shashoua said: "We are delighted to be able to add Mining Indaba, another well-regarded must-attend event, to our portfolio.
"This acquisition is consistent with our stated strategy of making disciplined and value-enhancing acquisitions of market-leading events and Mining Indaba is also highly complementary to our AOW exhibition. We believe the acquisition will deliver value for our shareholders and consolidate our position as an organiser of must-attend international industry events."
ITE also gave a trading update Wednesday, saying "the majority" of its key markets recorded revenue growth for the 12 months to last Sunday.
Revenue is guided to be around GBP175 million, from GBP153 million a year prior, with like-for-like revenue growth at approximately 10%.
However, ITE did warn currency movements will affect its newly started year's results, though did not affect its just ended year.