ITE Group buys stake in Indonesian events firm

11th Jun 2014 08:00

Emerging-markets exhibition organiser ITE Group is to buy a 50% stake in Indonesian peer Debindo Unggul Buana Makmur (DUBM).The investment will see ITE get its hands on the Indonesian building and construction exhibitions business, Indobuildtech, whose Jakarta event was attended by over 33,000 professionals last year.ITE is buying the holding from the original founders of DUBM, who will retain the remaining 50% and continue to manage the business.No financial information regarding a sale price was given, though the company said it expects the acquisition to be earnings enhancing in its first full year of ownership."Indobuildtech is the leading building exhibition in Indonesia. The addition of this exhibition to ITE's Build portfolio is consistent with our strategy of building market leading positions in core markets and sectors," said ITE's Chief Executive Russell Taylor."The building industry is a growth sector in developing markets and with this complementary acquisition, ITE will leverage its international exhibition expertise to develop further its position and benefit from a strengthened portfolio within this sector."BC