ITE to Buy Additional 31.7% stake in ABEC Exhibitions
Airgate Holdings, a wholly-owned subsidiary of ITE Group, has acquired an additional 31.7% share of Mumbai-based ABEC Exhibitions for around £14 million (US$21 million). Including the 28.3% share acquired in December 2012, ITE Group now holds up to 60% share of ABEC.
ABEC Exhibitions is a leading exhibition organiser in India, running over 20 events across industries from building & interiors, oil & gas to fashion. Holding the remaining 40% of the company shares, Sumit Gandhi, Chairman, and Manish Grandhi, COO, will retain their roles at ABEC.
The new acquisition was financed out of ITE Group’s existing bank facilities. Following completion of the transaction, ITE Group will have net debt of around £65 million (US$100 million).
ITE’s Chief Executive Officer, Russell Taylor, said, “We are continuing to build businesses in strategically important industry sectors and the increase in our holding of ABEC enhances our presence in the Indian exhibition market which offers significant potential. ABEC continues to perform well and this move represents further progress in achieving the Group’s ambitions to expand its operations in markets and geographies with further potential for growth as well as continuing to diversify the geo-political risk in our portfolio.”