ITE Strengthens Position in India
ITE Group has acquired a minority shareholding in the Indian exhibition organiser, Asian Business Exhibitions & Conferences Ltd (ABEC). ITE purchased 28.3% of ABEC shares from a Qatari investment bank, QInvest and has an arrangement to increase its shareholding in future.
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ABEC is one of India’s leading exhibition businesses, running 19 exhibitions across 11 vertical markets including construction, architecture, design, education, lifestyle, real estate, and oil & gas. The portfolio of events is complementary to ITE’s existing exhibition interests in India and the two businesses will be run concurrently.
Commenting on the acquisition, ITE’s Chief Executive Officer, Russell Taylor, said:
"ABEC has a quality portfolio of events with strong market positions in sectors where ITE has an established presence such as construction, oil & gas and security. ABEC’s events in the building, architecture, design and decor industry total more than 65,000m2 net of sold exhibition space, giving ITE an interest in India’s dominant trade shows for this growing sector.
“With an established event portfolio in the building and interiors industry and a strong international sales network, ITE can deliver significant value to ABEC’s business. Along with ITE’s current business in India, this gives ITE a leading position in a dynamic region with an exhibition industry that is currently experiencing strong growth.”
Commenting on the deal, ABEC’s Chairman, Mr SM Gandhi, said:
“ITE has a large portfolio of building, interiors, oil & gas and related exhibitions, which complements ABEC’s domestic events. We are excited about the synergies that we will derive from ITE’s expertise and international presence and are confident of ABEC scaling new heights”.