Tarsus Group enters into option agreement for rest of Tarsus Connect

(Sharecast News) - Tarsus Group announced on Wednesday that its wholly-owned subsidiary Tarsus US Holdings, has entered into an option agreement to acquire the remaining 19.9% minority interest in Tarsus Connect that it did not already own, from Connect Holdco.The London-listed form described Tarsus Connect as a US business travel and meetings event company, serving the business travel and meetings sector through a combination of national, regional and vertically-focussed events, supplemented by an integrated media offering and additional marketing solutions.Tarsus Connect ran events across the United States held throughout the year, involving meeting professionals and planners, along with suppliers to the business travel and meetings sector.The firm said the meetings were arranged on an invitation-only, appointment-based format, which delivered efficiencies for both suppliers and planners.The option was exercisable by either Tarsus or Connect Holdco during March in any of the years 2022, 2023 and 2024.Tarsus said the exercise price would be calculated by reference to the prior calendar year EBITDA performance of Tarsus Connect, but was capped at $18.8m and was payable in cash.If, as a result of Connect Holdco exercising the option, the acquisition of the Interest would result in the cap being exceeded, then the interest acquired would be reduced accordingly on a pro-rata basis.The remaining interest would then be subject to separate negotiation at the sole discretion of both parties.Tarsus confirmed the option would lapse on 1 January 2025, but was extendable on the same terms if agreed by both parties."Tarsus Connect has proved to be a great acquisition for the group and we look forward to expanding and growing the business further in the years ahead," said Tarsus Group managing director Douglas Emslie."Acquiring outstanding minority interests is a key part of our 'Quickening the Pace 2' strategy and I am delighted to agree this option arrangement."