|
Dubai: Abu Dhabi National Exhibitions Company (Adnec), which is developing a Dh8 billion complex for trade fairs and conventions in the capital, is buying ExCeL London, the British capital's largest exhibition venue, in cash for £178 million (Dh1.3 billion).
The offer was made yesterday by Adnec's British subsidiary ADCG, created for this acquisition.
Lord King of Bridgwater, chairman of ExCeL's owner London International Exhibition Centre Holdings (LIECH), said the offer represents good value for the company's shareholders.
Adnec said buying ExCeL is part of its efforts to create a network of exhibition venues. The deal will be financed through a combination of debt and equity.
ExCeL occupies a prime site in London's Docklands. Since 2000, it has hosted over 1,500 events and received four million visitors.
"By developing a network of world-class venues, including venues with the stature of ExCeL London, we will be able to serve the needs of an industry that is increasingly global in its outlook. ExCeL London will play a vital role in delivering Adnec's strategy," Adnec chief executive Simon Horgan said.
Adnec would also consider expanding ExCeL to enhance its ability to stage more and bigger events.
The Abu Dhabi government set up Adnec in 2005 to position itself as a major global events venue.
It is developing the Dh8-billion Capital Centre project, near the emirate's international airport. The complex will house the Abu Dhabi National Exhibition Centre, the iconic 35-storey Capital Gate building, hotels, residences, offices, a marina, when work is completed by 2011.
|
