ITE Group moves into Africa; buys stake in Africa Oil Week conference
March 6 (Reuters) - ITE Group Plc, a trade exhibition and conference organiser, said it had acquired a majority stake in a portfolio of events from GPP Energy Advisors Ltd for 16 million pounds ($24 million).
The deal will be funded in part via an institutional placing to raise 12 million pounds, ITE said adding that the acquisition and placing are expected to add to earnings in the first 12 months.
Chief Executive Russell Taylor said the acquisition would allow ITE to move into Africa.
The portfolio includes Africa Oil Week, an annual oil and gas conference, and assets in Africa, Asia and Latin America. ($1 = 0.6562 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Anand Basu)
© Thomson Reuters 2016 All rights reserved.