The international trade event organiser, ITE Group plc has completed the acquisition of the Russian exhibition organiser, MVK and its exhibitions. As a result of the transaction, ITE’s portfolio will now include international trade exhibitions such as PolygraphInter, Rosupak, Euroexpofurniture, Interkomplekt, Holzhaus, Woodex, PCVEXPO, Mashex and others. The total consideration is for €33m (US$44m), payable in cash on completion and funded from existing cash resources and agreed loans.
This deal further strengthens ITE’s business in Russia and extends it into several new industry sectors.
Alexander Shtalenkov, General Director of ITE Moscow said, “The acquisition of MVK’s events creates exciting growth opportunities for ITE. We will be able to use our experience of organising major international trade exhibitions in Russia and the Group’s network of domestic and overseas offices to promote and sell the MVK events. Stability and continuity are important, and I am delighted that the MVK staff and partners who have built up this business, and possess the expertise and knowledge of each event, are joining the company. We will also be applying the well established business and marketing practices of both companies to develop further the events, taking them to new levels”.
Russell Taylor, CEO of ITE, said of the acquisition. “I am excited by the opportunity this presents for ITE to develop events in new industry sectors, and so to strengthen our position in the Russian exhibition industry. Moscow is home to our largest exhibitions and this deal will significantly expand our portfolio of events here. ITE’s business has remained robust despite the challenges of the economic downturn and with many of our Moscow-based events anticipating a return to growth in the near future; this development is well timed to build on the confidence that is currently evident in the Russian economy”.
UK, London & Russia, Moscow