Tarsus Group Expands Further Into Indonesia with Majority Stake in PT Infrastructure Asia
January 15, 2013
U.K.-based Tarsus Group has expanded its portfolio even more in fast-growing Indonesia with a 51-percent stake in PT Infrastructure Asia.
Tarsus will pay an initial cash consideration on completion of $0.5 million (approximately £0.3 million) for the 51 percent interest, with estimated total deferred payments of approximately $2.4 million (approximately £1.5 million) in aggregate during 2014 and 2015.
PTIA currently owns and organizes three annual business-to-business exhibitions and one seminar series in Indonesia:
· IIICE, an international exhibition in Jakarta in November 2013 (third edition), focusing on the development of Indonesia’s infrastructure;
· IFTS, a series of infrastructure related seminars, that support IIICE;
· ITMIT, a new launch exhibition and conference in November 2013 which will collocate with IIICE and focus on the Telecommunications, Media and IT sectors; and
· APSDEX, a high level event for the security and defence industry.
“PTIA is an excellent fit with our strategic objective of quickening the pace of our earnings by investing in fast growth markets,” said Douglas Emslie, Tarsus’ managing director.
He added, “PTIA has the leading events serving the Indonesian infrastructure sector, which is earmarked to receive an unprecedented $243 billion of investment by 2025. The Indonesian market is undergoing a period of rapid change, with a marked shift away from its historical emphasis on consumer events towards B2B exhibitions. As a result we would expect PTIA to experience strong organic growth supplemented by bolt-on acquisitions.”
Tarsus and PTIA have conditional put and call options at various points in 2016 and 2017 in respect of the outstanding 49 percent shareholding in PTIA.
The total consideration for 100 percent of PTIA has been capped at US$23 million (approximately £14 million).
The PTIA buy is Tarsus Group’s second recent foray into the Indonesian market. In September, the company partnered with Dyandra Promosindo - organizer of the Indonesian Motor Show – in the launch of the inaugural AAITF Jakarta in March 2014.
The acquisition provides Tarsus with an important hub in the fast-growing Indonesian exhibition market, according to company officials.
The deal will enable the Group to develop a range of infrastructure sector exhibitions and provide a platform with which to launch a number of new exhibitions, primarily drawing on Tarsus’s existing brands.
The founders and the existing management will continue to run the business post acquisition.
The acquisition is conditional on normal Indonesian regulatory approvals and is expected to complete in the first quarter of 2013.
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