UBM to buy Allworld Exhibitions in $485m deal

13th Dec 2016 07:13

(ShareCast News) - UBM has agreed to buy privately-owned Asian exhibitions company Allworld Exhibitions for a cash consideration that values the business at $485m in a deal that is expected to be immediately enhancing to earnings in 2017.In the 12 months to the end of June, Allworld - which operates 51 tradeshows in 11 countries across nine sectors - generated revenues of $97.2m and earnings before interest, taxes, depreciation and amortisation of $37.6m.UBM said the deal strengthens its market-leading position in Asia, creating the leading events business in the ASEAN region, and providing the group with entry into the Middle East.In addition, it will provide significant opportunity to accelerate growth through operational initiatives and application of Events First best practices.In combination with UBM, revenue growth is expected to accelerate over the next 24 months.Chief executive officer Tim Cobbold said: "The acquisition of Allworld is wholly in line with our Events First strategy and represents an exceptional opportunity to accelerate growth by investing in a high-quality events business. "In so doing we cement our position as the leading events business in Asia and achieve the number one position in the fast-growing ASEAN region. We see excellent opportunities to accelerate organic growth in the business.