The consideration is payable US$5.4m on completion, US$4.9m three months after completion and US$1.8m 12 months after completion. Siberian Fair LLC is based in Novosibirsk, Siberia and owns a comprehensive portfolio of 30 exhibitions servicing business requirements of the Novosibirsk region. The largest exhibitions are in Construction, Furniture & Interiors, Motor, Food Products & Packaging and Agriculture. The business has around 160 employees and in 2007 it generated revenue of approximately US$10m and profit before tax of approximately US$3.5 million.  Gross assets of approximately US$1m are being acquired as part of this transaction.  The business will be managed by ITE’s Moscow office, with operational continuity provided by Mr Tsoi, aged 42, the General Director of Siberian Fair LLC since 2003, who will remain with the business.

Commenting, ITE acting Chief Executive, Russell Taylor said:

"This acquisition, which complements our current activities in Russia, is the first major step in ITE’s plans to expand its regional exhibition business in Russia.  Novosibirsk is the commercial hub of Siberia and an increasing number of our international customers have expressed an interest in exhibiting in this and other regions. This, together with the plans to build new exhibition facilities, provides a powerful stimulus for the future growth of our business in this region."

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