LONDON (dpa-AFX) - Informa plc (INFMF.PK, INF.L), on Thursday, announced that it has reached an agreement with Charterhouse Capital Partners and other shareholders (Òthe SellersÓ) to acquire B2B Events group, Tarsus, for an initial enterprise value of $940 million.
Initial enterprise value of $940 million implies post-synergy multiple of c.9.9x EV/EBITDA in 2023/24 and sub-9x in 2024/25, delivering significant earnings accretion and post-tax return on capital.
The company noted that the acquisition was funded with cash and $210 million of Informa equity, based on 30-day average share price but forward valued by the Seller at 850p, and subject to a two-year lock-up. Additional earn-up of $45 million payable if and when InformaÕs share price reaches 850p within the two-year period.
Further, the company stated that Tarsus' full year 2023 revenues are estimated to be more than £175 million.
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