Tarsus Group acquires 65% of Foshan Huaxia

22nd Dec 2016 12:17

(ShareCast News) - Business-to-business media company Tarsus Group has agreed to acquire 65% of Foshan Huaxia Home Textile Development Co Ltd from Guangdong Home Textile Association and Association Member shareholders.Foshan Huaxia owns the Home Furnishing Expo (Hometex), the leading bi-annual home textiles exhibition in China.The deal was for an estimated cash consideration of RMB174m, or about £19.3m, payable by way of initial consideration of about RMB116m with further payments of up to RMB58m in 2017 and 2018 subject to certain conditions.The maximum consideration payable for the conditional deal was capped at RMB200m."We now have four of the largest exhibitions in Shenzhen," said managing director Douglas Emslie in a statement."These acquisitions will further deepen our exposure to industries benefiting from the strong shift towards domestic expenditure that is underway in China, which is the second largest exhibition market in the world."At 12:08 GMT, shares in AIM-listed Tarsus were up 1.08% to 282p.