ITE Group to acquire Mining Indaba in £30mn deal
One of the leading mining events in Africa has been acquired by a major international trade exhibition and conference management company.
ITE Group PLC announced in a statement this week that it has entered into an agreement to acquire Mining Indaba from Euromoney Institutional Investor in a deal worth £30 mn.
Mining Indaba is the leading event dedicated to bringing together mining and investment experts in order to develop mining interests in Africa. Every year it attracts key participants in the African mining value chain, including industry leaders, investors and government representatives to Cape Town, South Africa. Founded in 1995, Mining Indaba held its 24th edition in February 2018.
The Acquisition is in line with ITE’s product-led strategy to create the world’s leading portfolio of content-driven, must-attend events delivering an outstanding experience and ROI for their customers. Mining Indaba is a market-leading event in the mining industry, which has consistently been at the forefront of the international mining sector. The next event is scheduled for 4–7 February 2019.
“We are delighted to be able to add Mining Indaba, another well-regarded must-attend event, to our portfolio,” said Mark Shashoua, Chief Executive Officer of ITE.
This acquisition is consistent with our stated strategy of making disciplined and value-enhancing acquisitions of market-leading events and Mining Indaba is also highly complementary to our AOW exhibition. We believe the acquisition will deliver value for our shareholders and consolidate our position as an organiser of must-attend international industry events.”
In the year to 28 February 2018, which encompasses the 2018 event, Mining Indaba generated sales of £7.2 million and EBITDA of £3.7 million.
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