Euromoney, the international business information and events group, has agreed to sell its Mining Indaba conference, to exhibition organiser ITE Group for £30.1 million.
The Mining Indaba’s event, "Investing in African Mining Indaba", is the world's largest mining investment conference, dedicated to the capitalisation and development of mining in Africa and is held annually in Cape Town, South Africa.
Mining Indaba hosted its 24th edition in February 2018 – with the next edition scheduled for 4–7 February 2019.
The sale of Mining Indaba is in line with Euromoney's strategy, which includes actively managing its portfolio of assets and selling businesses which do not fully align with its strategy, providing Euromoney with further capital to recycle towards its main investment themes.
For the year ended 30 September 2017, the mining investment conference reported an adjusted operating profit of £2.5 million. The consideration is fixed and will be received in cash in two tranches, £20.0 million at completion and the balance by 1 June 2019. The sale is expected to complete in late October 2018.
"We have agreed to sell the asset to ITE which will be a good home for it, says Euromoney CEO Andrew Rashbass.
“The conference performed well this year and this disposal is another example of Euromoney's strategy in action: where a good business does not align with our strategy, we will sell it and recycle capital towards our main investment themes including price discovery, asset management and telecommunications."