December 13, 2016 / 7:46 AM / 8 months ago

Event organiser UBM to buy Allworld in Middle East foray

Dec 13 (Reuters) - Event organiser UBM Plc said it would buy Asian exhibitions company Allworld for $485 million in cash, strengthening its position in Asia and providing an entry into the Middle East.

The deal, which will be debt-funded with a new bridge facility, is expected to add to earnings in 2017, UBM said in a statement on Tuesday.

Allworld, which operates tradeshows in 11 countries, complements UBM's existing portfolio in food and hospitality, and packaging and manufacturing, while allowing it to enter oil and gas markets, UBM said.

UBM unveiled its "events first" strategy in November 2014, with a focus on spending resources on its largest and most profitable shows and spending to buy events businesses. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)

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