B2B media group Tarsus Group plc is to acquire 51% of Indonesian exhibition organiser PT Infrastructure Asia (PTIA) from PT Event Pro International. The founders and the existing management will continue to run the business post acquisition. The acquisition is expected to complete in the first quarter of 2013. The Consideration will be met from Tarsus’s existing cash resources. Terms of the deal were not disclosed.
Tarsus will pay an initial cash consideration on completion of $0.5 million for the 51% interest, with estimated total deferred payments of approximately $2.4 million in aggregate during 2014 and 2015.
Tarsus and the PT Event Pro International have conditional put and call options at various points in 2016 and 2017 in respect of the outstanding 49% shareholding in PTIA. The total consideration for 100% of PTIA has been capped at US$23 million.
PTIA currently owns and organises three annual business-to-business exhibitions and one seminar series in Indonesia:
- IIICE, focused on the development of Indonesia’s infrastructure;
- IFTS, a series of infrastructure related seminars, that support IIICE;
- ITMIT, a new launch in November 2013 which will co-locate with IIICE and focus on the Telecommunications, Media and IT sectors; and
- APSDEX, an event for the security and defence industry.
Douglas Emslie, Tarsus Group Managing Director, said, “PTIA is an excellent fit with our strategic objective of quickening the pace of our earnings by investing in fast growth markets. PTIA has the leading events serving the Indonesian infrastructure sector, which is earmarked to receive an unprecedented $243 billion of investment by 2025.”
UK, London & Indonesia, Jakarta
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