ITE Group enters into African event production market with $24M deal with Global Pacific & Partners (GPP)

Russell Taylor, CEO, ITE Group

Trade exhibition organiser, ITE Group Plc, bought a majority stake in a portfolio of events, mostly in Africa, as the company looks to reduce its dependence on Russia, its biggest market.

ITE acquired a 50.1 percent stake in the portfolio from GPP Energy Advisors Ltd for 16 million pounds ($24 million), the company said on Friday.

The portfolio includes events such as Africa Oil Week – an oil and gas conference to be held in Cape Town in October.

ITE, which gets around 59 percent of its revenue from Russia, has been hurt by tensions across the country’s western border with Ukraine and a weaker rouble.

Read more: ITE Group dials in to Africa events market – Yahoo Finance UK.