United Business Media Limited announces it has acquired a 70% interest in the China International Optoelectronic Expo (CIOE) from Business Media China AG, on behalf of UBM Asia (www.ubmasia.com) for a total cash consideration of US$5m.
CIOE is the world's largest optoelectronics event. Established in 1999, it is held annually in Shenzhen, the centre of China's optoelectronics industry. The show covers all aspects of the market, including laser and infrared applications, precision optics, optical communications and LEDs. This year's event will be held from 6th to 9th September and is expected to host over 2,000 exhibitors.
UBM Asia launched its first dedicated optoelectronics event in 2006 and the acquisition of CIOE further advances its presence in this market. Optoelectronics remains a significant focus for China's national economic plan, which provides strong support for research and development in the industry.
In 2008, CIOE generated revenue of US$3.2m. The acquisition is anticipated to exceed UBM's 8% post-tax cost of capital criterion in its first full year of ownership.
Jime Essink, President & Chief Executive Officer of UBM Asia said:
"We are very pleased to have acquired a majority stake in the China International Optoelectronic Expo. The acquisition continues our strategy of focusing on sectors and markets with the most exciting growth potential. Since its launch in 1999, CIOE has become the world's leading event for advanced optoelectronic technologies and innovations. CIOE's local management team has done an excellent job to date and we look forward to working with them to further develop this leading show for the global optoelectronics industry."
United Business Media Limited
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