London-based business and financial magazine publisher Euromoney Institutional Investor Plc announced that it has sold the Mining Indaba business, Africa’s natural resources mining conferences organiser, to ITE Group, an exhibitions and conferences organizer, for 30.1 million pounds ($39 million).
ITE said the deal is being funded on a cash-free, debt-free basis, and is part of its plan to develop a world-leading portfolio of events.
The company said that this acquisition is consistent with its stated strategy of making disciplined and value-enhancing acquisitions of market-leading events and Mining Indaba is also highly complementary to its Africa Oil Week exhibition.
ITE expects the acquisition to deliver value for its shareholders and consolidate the company’s position as an organizer of must-attend international industry events.