Hyve has agreed to acquire 121 Group Limited and 121 Partners Limited, a market leading omnichannel meetings programme organiser focused on the mining sector across EMEA, North America and APAC, for initial consideration of $28m (c. £21m). The estimated total consideration after earn-out is expected to be between approximately £42m and £50m.
„The acquisition presents an opportunity to share best practice across Hyve.“
The acquisition accelerates the development of Hyve's omnichannel strategy as 121 Group moved exclusively to online meetings during the Covid-19 pandemic, achieving higher margins and remaining profitable during the pandemic, the group explains. Thus, 121 Group has benefited from first mover advantages, establishing itself as the leading one-on-one meetings provider for the mining investment communities since 2014. "The acquisition presents an opportunity to share best practice across Hyve and 121 Group omnichannel events by transitioning the event onto Hyve's facilitated meetings platform", Hyve states.
Additionally, Hyve also announced it has placed 13,818,698 new ordinary shares in the company to raise gross proceeds of approximately £14.79m, representing approximately 5.21% of the 'company's existing issued share capital, with institutional investors. The placing shares have been placed at a price of 107 pence representing a discount of 0.7% to the closing market price on November 17, 2021.