British event organizer Hyve Group selling Russian business for 72 mln pounds sterling

MOSCOW. April 6 (Interfax) - Great Britain-based Hyve Group Plc, formerly ITE Group, which organizes exhibitions and conferences, plans to sell its business in Russia to Rise Expo Ltd., and exit the Russian market amid the events in Ukraine, the company said in a statement.

The amount of the deal will depend on the profits of the business and could be up to 72 million pounds sterling, or $94.1 million, the company said. The amount will be paid in annual installments until 2032. If the deal is fully paid by the end of September 2027, then the total amount could reduce to 60 million pounds.

Hyve announced plans to leave Russia on March 15.

Hyve Group has been present on the Russian market since 1991. The company hosts 19 trade shows in Russia, including the MITT travel and tourist show, as well as the construction show, MosBuild, according to the company's website. The company has 206 employees in Russia, and 87 in Ukraine. The group generated 27% of its overall revenue in Russia last year.