Tarsus Group plc, the international business-to-business media group, has agreed to acquire 51% of Indonesian exhibition organiser PT Infrastructure Asia (“PTIA”) from PT Event Pro International. PTIA currently owns and organises three annual business-to-business exhibitions and one seminar series in Indonesia: IIICE, an international exhibition in Jakarta in November 2013 (third edition), focusing on the development of Indonesia’s infrastructure; IFTS, a series of infrastructure related seminars, that support IIICE; ITMIT, a new launch exhibition and conference in November 2013 which will co-locate with IIICE and focus on the Telecommunications, Media and IT sectors; and APSDEX, a high level event for the security and defence industry.
Tarsus will pay an initial cash consideration on completion of US$0.5 million (approximately £0.3
million) for the 51% interest, with estimated total deferred payments of approximately US$2.4
million (approximately £1.5 million) in aggregate during 2014 and 2015. Tarsus and the Vendor have conditional put and call options at various points in 2016 and 2017 in respect of the outstanding 49% shareholding in PTIA. The total consideration for 100% of PTIA has been capped at US$23 million (approximately £14 million).
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