Allworld deal isn’t quite all it seems

There’s nothing particularly untoward about UBM’s latest acquisition. The exhibitions group is forking out $485 million for Allworld Exhibitions, an Asia-focused trade shows business.

Allworld has plenty to recommend it. It’s focused on some of the most exciting markets in Asia, from Singapore and Malaysia to Thailand and Indonesia. But takeovers reliant on boosts to sales are much harder to pull off than those based on cost savings.

The price is pretty full — at 12.9 times trailing Ebitda profits.

For the full story read The Times

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