Euromoney Institutional Investor, the FTSE 250 financial data publishing company, is expanding its commodities event business with the acquisition of two international grain trading conferences.
The first is Global Commodities Group Srl, the sole asset of which is Global Grain Geneva, the world's leading event for international grain traders, held every November since 2003.
The second is 50% of the issued share capital of GGA, whose sole asset is Global Grain Asia, a new event for the industry. Euromoney has an option to acquire the remaining 50% of GGA in 2014.
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"We are delighted to acquire Global Grain Geneva and Global Grain Asia," said Padraic Fallon, Chairman of Euromoney. "Euromoney has a successful record of acquiring conferences and developing them into fast-growing global event businesses. Coaltrans Conferences and Metal Bulletin Events are two striking examples and we look forward to doing the same with the Global Grain conferences.
"The prospects for grain trading are good. Agricultural prices move over long cycles and prices today are under-pinned by a rising global population and greater affluence."
The value of the gross assets being acquired was 0.65m Swiss francs at December 31st 2011. The acquisition is expected to be earnings neutral in financial year 2012 and earnings-enhancing thereafter.
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