Ascential completes sale of exhibitions after shareholders approve

Specialist information company Ascential confirmed the completion of the disposal of Ascential Exhibitions to ITE group on Tuesday, for a total cash consideration of £300m on a cash and debt free basis, subject to a normalised working capital adjustment.

The FTSE 250 firm had initially announced the disposal on 15 May, with further details set out in a circular sent to shareholders on 7 June.

It said the disposal was approved by shareholders at a general meeting on 25 June.

“The divestment of the exhibitions business is an important step for Ascential,” said chief executive Duncan Painter.

I am pleased that we have found a good home for the exhibitions team and would like to thank them for their contribution to Ascential.

“Looking ahead, we remain focused on enabling our customers to succeed in the digital economy, and this sale increases our financial capacity to invest in the future growth of our business.”