Tarsus Group is to acquire a 51 per cent 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, 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;
- APSDEX, a high level event for the security and defence industry
Tarsus will pay an initial £300,000 for the 51 per cent interest, with estimated total deferred payments of approximately £1.5 million during 2014 and 2015.
Tarsus has conditional options at various points in 2016 and 2017 in respect of the outstanding 49 per cent shareholding in PTIA. The total consideration for 100 per cent of PTIA has been capped at approximately £14m.
The acquisition, brokered by Mayfield Media, will enable Tarsus to develop a range of infrastructure sector exhibitions and provide a platform with which to launch a number of new exhibitions, primarily drawing on Tarsus' existing brands.
The founders and the existing management will continue to run the business post acquisition. The deal is conditional on normal Indonesian regulatory approvals and is expected to complete in the first quarter of 2013.
“PTIA is an excellent fit with our strategic objective of quickening the pace of our earnings by investing in fast growth markets,” said Tarsus Group MD Douglas Emslie. “The Indonesian market is undergoing a period of rapid change, with a marked shift away from its historical emphasis on consumer events towards B2B exhibitions. As a result we would expect PTIA to experience strong organic growth supplemented by bolt-on acquisitions.”
Tarsus recently completed a joint venture with GZ Auto.
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