ITE Group has announced this morning the completion of its acquisition of Ascential Events, which was first announced on 15 May.
A statement released to press said: “ITE Group is pleased to announce the completion of the acquisition of Ascential Events Limited from Ascential plc based on an enterprise value of US$405m (calculated on a cash-free, debt-free basis and subject to normalised working capital)”
Chief executive officer of ITE Mark Shashoua (pictured) commented: “I am delighted to announce the completion of the acquisition of the Ascential Exhibitions business.
“These events, all of which are market-leading, are well known to us, and under ITE’s ownership we look forward to treating them as core, giving them the investment, management focus and international platform they need to grow.
“This highly complementary portfolio of exhibitions will help to propel us towards our vision of creating the worlds leading portfolio of content-driven, must-attend events that deliver an outstanding experience and return on investment for our customers.
“I would like to formally welcome all of our new employees to ITE as we look to run the best shows anywhere in the world.”