Europe

Hyve considering private equity proposal for £306m sale

Private equity business Providence Equity LLP has made an approach about a possible £306m (US$370.3m) bid for global exhibition and event organiser Hyve Group.

In a statement to the London Stock Exchange, Hyve said: “The board of Hyve confirms that it has received a preliminary and conditional approach from Providence Equity LLP  regarding a possible cash offer for Hyve of 105 pence per Hyve share.

“The proposal follows an earlier approach from Providence Equity to the board regarding a possible all cash offer for Hyve at 101 pence per Hyve share.

“The board of Hyve is considering its position with respect to the proposal and a further announcement will be made in due course.”

Under the City Code on Takeovers, Providence must submit a firm offer, or announce that it has no plans to do so, by 21 March.

Hyve shares jumped from 85p to 103.8p following the announcement to the London Stock Exchange.

Providence is a serial investor in exhibitions businesses, describing itself as “private equity specialists focused on growth-oriented media, communications, education and technology companies throughout North America and Europe.”

International exhibition organiser CloserStill Media has been owned by Providence since 2018.

The fund previously owned Clarion Events, before selling to  private equity group Blackstone in 2017 for £600m.

Hyve’s most recent full year financial results showed revenues had recovered to 90% of pre-Covid (£122.5m).

Source: www.exhibitionworld.co.uk

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