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ITE Group Buys Breakbulk Holdco UK Ltd From Electra Backed, AXIO Data Group

Exhibition organiser ITE Group Plc (ITE.L) announced that its wholly owned subsidiary, ITE Enterprises Ltd, has acquired Breakbulk Holdco UK Ltd and its subsidiary companies from Electra backed, AXIO Data Group for a maximum consideration of $42m (c.£26.8m).

The company said that the transaction is financed out of the Group's existing cash and bank facilities and is expected to be earnings enhancing in the current financial year. Out of the total consideration of c.$42m, $40m was paid on completion with the balance payable once Breakbulk's results for the period ended 31 December 2015 are available.

The company announced that the value of the gross assets being acquired is around $14m. The total profits generated by the assets acquired in the period ended 31 December 2013 was $2.6m. The Group anticipates that the purchase price equates to circa 8.5x expected FY15 EBITDA.

According to the company, the acquisition brings to ITE a magazine in print or digital format with expanded industry coverage along with its exhibition websites which serve the global breakbulk community.

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