Conference organiser ITE Group plc acquires African event for £30.1m

International exhibition and conference organiser ITE Group plc has announced an agreement to acquire an event for mining and investment in Africa.

ITE, headquartered in London, will purchase the business and assets of Mining Indaba from magazine publisher Euromoney Institutional Investor Plc for £30.1m.

With a goal of developing mining interests across the African continent, Mining Indaba attracts figures from the continent’s mining value chain including industry leaders, investors and government representatives.

It takes place annually in Cape Town, South Africa, and launched in 1995.

In the year to February 28 2018, Mining Indaba generated sales of £7.2m and an EBITDA of £3.7m, with gross assets of £600k excluding cash.

ITE already operates in Cape Town, where it manages the Africa Oil Week (AOW) event for the energy sector.

ITE chief exec Mark Shashoua said of the acquisition: “We are delighted to be able to add Mining Indaba, another well-regarded must-attend event, to our portfolio.

“This acquisition is consistent with our stated strategy of making disciplined and value-enhancing acquisitions of market-leading events and Mining Indaba is also highly complementary to our AOW exhibition.”

He added: “We believe the acquisition will deliver value for our shareholders and consolidate our position as an organiser of must-attend international industry events.”