LONDON — Ascential plc has agreed to sell its trade show division to fellow U.K. organizer ITE Group in a deal worth 300 million pounds ($419,070,000) that is expected to close in July.
The proposed sale would turn Ascential Events Limited, a division of Ascential plc, and its portfolio of seven exhibitions over to ITE, which organizes more than 200 shows worldwide, including a strong presence in Russia and the former Soviet Union states.
“Their events are well known to us, so the acquisition is in line with our product-led acquisition strategy and gives us the benefit of a more balanced portfolio in terms of geography and products,” ITE Group CEO Mark Shashoua said. “It also adds two more global brands in BETT and CWIEME and is expected to be earnings enhancing in 2019, our first full financial year of ownership.”
The annual BETT show for the education sector takes place in London. The CWIEME brand features three shows for the electrical and wiring industry in Berlin, Shanghai and Rosemont, Ill.
Ascential decided to sell its exhibitions branch following a strategic review that concluded in February. Their remaining live events include the Cannes Lions International Festival of Creativity in France.
“The strategic review of the exhibitions business was undertaken to ensure that we prioritize our time and capital on enabling our customers to succeed in the digital economy,” Ascential CEO Duncan Painter said. “We are pleased to have found a good home — and achieved a fair price — for the Exhibitions business.”
Reach Mark Shashoua at +44 (0) 20 7596 5017 or mark.shashoua@ite-exhibitions; Duncan Painter at +44 (0)207 516 5000 or email@example.com