Fiera Milano sells Worldex shareholding to SingEx
Fiera Milano announced that it has signed an equity purchase agreement to sell 75 per cent of the equity interest of its Chinese subsidiary, Worldex - an exhibition organiser which organises, among other events, the "Food Hospitality World China" event - together with its associated trademarks, to SingEx Exhibitions.
The divestment of the shareholding held in Worldex (operating in non-strategic countries, such as Sri Lanka) is in line with the Group strategy of repositioning abroad and meets the aim of concentrating all Group activities in the joint venture that already exists with the German partner Deutsche Messe.
The buyer, SingEx, is a leading exhibition and conference organiser based in Singapore which owns, develops and manages a series of trade exhibitions and conferences globally. The transaction price comprises a base and a variable component. The base consideration is Euro 2,750,000 (subject to adjustments): 50 per cent will be paid upon closing, and the remainder 50 per cent will be paid shortly after the new business licence has been issued to the buyer. The variable consideration of up to Euro 1 million, will be paid in three tranches upon achievement of the agreed EBITDA targets in each of the years from 2017 to 2019. The transaction is subject to the customary closing conditions, including clearance by the Chinese authorities.