Tarsus Group plc Acquires CYF Fuarcilik

Posted: 25th October 2012 10:05

Tarsus Group plc (LSE: TRS, "Tarsus" or the "Group"), the international business-to-business media group, has agreed to acquire Turkish exhibition organiser CYF Fuarcılık A.Ş. ("CYF") for a maximum consideration of TL18 million (approximately £6.2 million). CYF will be acquired by IFO, a 75% owned subsidiary of Tarsus, and represents a significant bolt-on acquisition to the Group's Turkish division.
The acquisition also completes the Group's Project 50/13 strategy, whereby 50% of Tarsus' revenue will be sourced from the Emerging Markets by 2013, more than a year ahead of schedule and will enable the Group to increase the pace of its future earnings growth.
The governmental approvals in respect of the completion of the acquisition of the China International Automotive Aftermarket Industry and Tuning (Guangzhou) Trade Fair ("GZ Auto") continue to make positive progress, albeit slower than originally anticipated. Tarsus expects to complete the acquisition of GZ Auto by the end of the year.
Acquisition highlights
           - Eurasia Plant Fair (held in December), an international exhibition in Istanbul (2011: 10,800 net square metres), focusing on ornamental                   flowers and plants, landscape and related supply industry; and
         - Yapı Decoor (held in March), an international exhibition in Ankara (2012: 6,200 net square metres), focusing on construction material and building renewal).  Douglas Emslie, Tarsus Group Managing Director, said:
"To reach the 50/13 strategic milestone a year early is a major achievement for the Group.  It will enable us to quicken the pace of our earnings growth earlier than expected.   
"The acquisition of CYF with our partner at IFO brings additional scale to our already substantial operations in Turkey which we now aim to develop and expand both in the domestic market and the wider region."

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