Euromoney Institutional Investor, the largest business and financial media publisher in Europe, agreed to sell Mining Indaba, its investment conference, to ITE Group, for £30.1 million. The amount of this transaction will be paid in two tranches, a first of £20 million to be paid upon closure of the deal (by the end of October 2018) and the balance on June 1, 2019.

 Mining Indaba is the largest global conference on mining investments and the most important African mining conference dedicated to the capitalization and development of mining in Africa. It is held annually in Cape town, South Africa. The 24th edition was held in February 2018 and the next is planned for February 4-7, 2019.

“We are delighted to be able to add Mining Indaba, another well-regarded must-attend event, to our portfolio. This acquisition is consistent with our stated strategy of making disciplined and value-enhancing acquisitions of market-leading events and Mining Indaba is also highly complementary to our AOW exhibition (ed.notes Africa Oil Week)”, Mark Shashoua (photo), ITE  CEO said.

For Andrew Rashbass, Euromoney CEO, the sale falls within the framework of Euromoney’s asset management policy that consists in actively managing its portfolio by selling assets that do not totally meet its strategy. This helps it acquire additional capital to invest in its main activities that are telecommunication and asset management.