ITE Group plc Acquires Fuarcilik ve Organizasyon Anonim Sirketi
ITE Group plc, ("ITE") the international exhibitions group, today announces that its wholly owned Turkish subsidiary, E Uluslar Arasi Fuar Tanitim Hizmetleri ("EUF"), has signed a binding agreement to acquire 100% of the shareholding of TF Fuarcilik ve Organizasyon Anonim Sirketi ("TFF").
As part of the transaction, TTF has acquired the Eurasia Rail exhibition from Turkel Fuarcilik Anonim Sirketi ("Turkel"), a company controlled by Mr Hasim Korhan Yazgan and Ms. Isil Yazgan. The total consideration that will be paid for TFF is c. £8m, financed out of the Group's existing cash and bank facilities and is expected to be earnings enhancing in the current financial year.
The Eurasia Rail exhibition serves the rolling stock and railway infrastructure industries in Turkey and the surrounding region and is held each year at the IFM (World Trade Center) in Istanbul. The upcoming exhibition will be held in March 2015, marking the 5th edition of this event, which is expected to sell more than 10,000m2 net and be attended by around 20,000 professional visitors over 3 days.
Commenting on the acquisition, ITE's Chief Executive Officer, Russell Taylor, said:
"I am pleased to welcome the Eurasia Rail exhibition into ITE's Turkish business. This move represents progress in achieving the Group's aims to strengthen and expand its operations in sectors with further potential for growth and diversifying the geopolitical risk in our portfolio.
"Eurasia Rail is the leading show of its type in Turkey and the surrounding region. Turkey has significant transportation infrastructure issues and the government is investing heavily in high speed trains and light urban rail projects. The addition of this event is complementary to our transport and logistics sector."