19 Jul 2022 07:00
19 July 2022
Hyve Group plc
("Hyve" or the "Group")
Management buy-out of Ukrainian business
Hyve Group plc, the next-generation global events business, today announces the sale of its Ukrainian business (the "Ukrainian Business") to ProExpo (Europe) Limited ("ProExpo"), in a management buy-out led by Anatoly Sushon, the managing director of the Ukrainian Business.
Hyve will receive up to £3million via an earnout consideration which shall be paid annually until September 2027 based on the profitability of the Ukrainian Business. At a time when due to the ongoing conflict no events can be held, Hyve has agreed to support the Ukrainian Business with funding of up to £1.2million to be repaid by September 2027, also dependent on future profitability.
Mark Shashoua, CEO of Hyve Group plc said:
"Premier Expo, our Ukrainian business, has been a valued part of Hyve for over 20 years. We care deeply about the employees and their families and have supported them through these challenging times. Both parties believe that by transitioning ownership to the experienced and committed local management team, the business will have the agility to recover for the future. We look forward to extending our support to Anatoly and his team through continued cooperation and our international network wherever we can."
Smaller related party transaction
The transaction is classified as a smaller related party transaction under LR 11.1.10.R by virtue of Anatoly Sushon being deemed a related party of the Group.
Enquiries:
Mark Shashoua / John Gulliver / Marina Calero | Hyve Group plc | +44 (0)20 3545 9400 |
Charles Palmer / Dwight Burden / Jamille Smith | FTI Consulting | +44 (0)20 3727 1000 |
About Hyve Group plc
Hyve Group plc is a next-generation global events business whose purpose is to bring together and connect entire sector ecosystems from all corners of the globe. We meet our customer needs to learn, network and trade via both market-leading in-person and online events. Hyve Group plc is all about globally consistent best practice and unrivalled quality. Our vision is to create the world's leading portfolio of content-driven, must-attend events delivering an outstanding experience and ROI for our customers. Hyve's market-leading portfolio of global brands includes: Shoptalk, Spring Fair, Bett, Mining Indaba and the recently acquired Fintech Meetup, which is defining the future of events for the fintech ecosystem and uses state-of-the-art technology to power its world renowned meetings programme.
Where business is personal, where meetings move markets and where today's leaders inspire tomorrow's.