ITE Completes Acquisition of 70% Stake in Shanghai Gehua

December 19, 2016

Last week, ITE Group plc’s subsidiary, ITE Asia Exhibitions Limited, announced that the company had received approval from the Chinese Government to complete the acquisition of a 70% stake in Shanghai Gehua.

The initial consideration payable for the transaction is £9.2 million (US$11.5 million) – with £5.7 million (US$7.1 million) in cash and about 2.3 million ordinary shares. The deferred consideration will be capped at £2.6 million (US$3.3 million) and is payable in 2017 based on the audited financial performance in the year ending 31st December 2016.

Shanghai Gehua, founded in 2001, runs exhibitions in China covering a variety of industries such as textile & clothing, auto parts & accessories, mechanical equipment, gifts and food.

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