UBM buys Allworld for almost $500m
Event organiser UBM is to buy Asian exhibitions company Allworld for $485m (£382.55m) in cash, in an effort to strengthen its position in Asia and provide an entry into the Middle East.
The deal will be debt-funded with a new bridge facility, and is expected to add to earnings in 2017, UBM said this morning.
UBM said revenue growth is expected to accelerate over the next 24 months, and noted Allworld's consistent record of high organic growth.
“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," said UBM chief exec Tim Cobbold.
“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.
“Allworld’s management and employees bring tremendous experience and expertise to UBM and I look forward to working with them to realise the growth potential of the combined business.”
UBM bought US trade events organiser Advanstar for $927m in 2014, a deal which later caused the company's stock to plummet on fears that it had overpaid for its rival.