May 15, 2018 / 6:15 AM / 6 months ago

BRIEF-ITE agrees deal to buy Ascential Events

May 15 (Reuters) - ITE Group PLC:

* SAYS ITE GROUP PLC TODAY ANNOUNCES THAT IT HAS ENTERED INTO A CONDITIONAL AGREEMENT TO ACQUIRE ASCENTIAL EVENTS LIMITED FROM ASCENTIAL PLC

* SAYS DEAL BASED ON AN ENTERPRISE VALUE OF 300 MILLION STG, CALCULATED ON A CASH-FREE DEBT-FREE BASIS AND SUBJECT TO NORMALISED WORKING CAPITAL)

* SAYS ACQUISITION AND RELATED EXPENSES ARE EXPECTED TO BE FUNDED BY PROCEEDS OF A FULLY UNDERWRITTEN RIGHTS ISSUE BY ITE, WHICH WILL RAISE UP TO APPROXIMATELY £315 MILLION

* SAYS ALSO INTENDS TO RAISE APPROXIMATELY £50 MILLION THROUGH AMENDING ITS EXISTING DEBT FACILITIES, WHICH WOULD ALLOW IT TO REDUCE RIGHTS ISSUE TO APPROXIMATELY £265 MILLION (BEFORE EXPENSES). Source text for Eikon: Further company coverage: (Reporting By Simon Jessop)

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