ITE Group has announced that it has sold Malaysian organiser TradeLink ITE to UBMMG Holdings – a subsidiary of UBM – for a total cash consideration of MYR 23 million (£4.2m)*.
The total consideration will be payable upon completion and the proceeds will be reinvested into the Group.
Tradelink is the owner of Malaysian metalworking exhibition Metaltech.
In the year to 30 September 2017, Tradelink ITE had gross assets of MYR 29.4m (£5.4m), reported a turnover of MYR 12.4m (£2.3m) and, due to non-recurring costs, made a loss before tax of MYR 1.7m (£0.3m).
Mark Shashoua, CEO, ITE Group said: “We continue to progress well against our strategy. A key element of our transformation and growth programme is managing our portfolio of events and this transaction marks a further step towards this strategy.
“For the Metaltech team, this represents a logical and exciting development – their new parent has an existing business in Malaysia and can ensure the investment and continued success of the exhibition. I would like to thank our team in Malaysia for their contribution to ITE over the years and wish them well for the future.”
* Subject to working capital adjustment at completion
Broker: Mayfield Merger Strategies