By Noor Zainab Hussain
Feb 10 (Reuters) - ITE Group Plc, a trade exhibitionand conference organiser, said it teamed up with trade fairorganiser Messe Frankfurt to buy Moscow-based trade events forvehicles - Comtrans and Autotrans.
The 50:50 joint venture will be named ITEMF Expo AO, ITEsaid in a statement on its website on Monday. (http://bit.ly/1DzX1mi)
"It has been said that ITE tends to exit Russian crises in astronger commercial position... We are certainly intrigued thatITE is acquiring assets in Russia at this time and welcome thesense-check that sees the company investing for the post-crisisperiod," Peel Hunt analyst Malcolm Morgan said in a note.
Morgan believes ITE will pay about 4 million pounds ($6million) for its 50 percent stake.
Chief Executive Russell Taylor told Reuters in October thatthere would be less incentive to develop the business furtherwithin Russia.
ITE, which received about 59 percent of its revenue fromRussia in 2014, said in January that trading conditions inRussia had deteriorated over November and December, hurting itsinternational and domestic exhibitors.
Shares in the company were marginally up at 149.25 pence at0942 GMT on the London Stock Exchange. ($1 = 0.6580 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by DonSebastian)
