Global organiser UBM has purchased Global Sources’ majority stake in technology publisher eMedia Asia in a deal worth about US$9m (£5.8m).
UBM, which owned 39.9 per cent of the technology publisher and trade show organiser, has acquired Global Sources 60.1 per cent stake for approximately US$9m in cash, subject to adjustments for cash and working capital.
The deal will give UBM a majority stake in the annual China International Optoelectronic Expo (CIOE), which focuses on the application of electronic devices that source, detect and control light, including gamma rays, X-rays, ultraviolet and infrared.
UBM chief executive Tim Cobbold said: "We are delighted to bring eMedia Asia fully into the UBM stable. The China International Optoelectronic Expo runs annually in Shenzhen and is one of the top tradeshows in our Chinese portfolio. CIOE is a world-renowned event bringing the most advanced optoelectronics technologies and innovations to thousands of visitors.
As previously reported in EW, Global Sources commenced a US$49.9m share buyback tender in June.
Global Sources' executive chairman Merle Hinrich said: "The sale of eMedia is consistent with our strategy to focus on our strong core business of cross border B2B trade and address the markets we believe offer the greatest opportunity for growth.
“By divesting this subsidiary, we are redirecting resources to enhance our multi-channel platform and improve the services we provide to both our buyer and supplier communities."
eMedia Asia’s publications include EE Times, Electronics Supply & Manufacturing and EDN.