Tarsus (LON:TRS), the international business-to-business media group, has agreed to acquire a 70 percent stake in leading Turkish exhibition organiser Lifemedia Fuarcilik A.S., in a significant step toward its Project 50/13 target to derive 50 percent of its revenues from Emerging Markets by 2013.

Tarsus will pay an initial consideration of TL30.0 million (approximately £10.6 million) for the interest, with estimated deferred payments of approximately £5 million due in 2013, for a total estimated payment of approximately £15 million. The deal is being part-funded with the proceeds of a placing priced at 135p per share, which raised £10.6 million net of expenses.

In June 2011, Tarsus made a significant step in to the Turkish market with the £10 million acquisition of a stake in one of the country’s largest events businesses, IFO. That move was the latest in a series of international acquisitions designed to profit from sectors and geographies undergoing fundamental market changes. It contributed to Tarsus growing its Emerging Markets revenues to 38% last year. The addition of Life Media takes that figure to 43 percent.

Life Media was set up in 1997 and has a leading position in Turkey’s housewares and gifts business-to-business exhibition sector. It owns and organises two annual exhibitions in Istanbul, Zuchex (September) and Ideal Home Fair (April), and publishes related trade journals – one English and two Turkish language. The company’s founder Irfan Tiras, will continue to manage the business after its acquisition

Douglas Emslie, the managing director of Tarsus, said: “The Turkish exhibition market is one of the fastest growing in the world. The acquisition of Life Media, coupled with our acquisition of IFO last year, means that we now have one of the largest international exhibition businesses in Turkey. Life Media’s exhibitions are the market leaders, not only in the domestic Turkish market but in the wider region. Given Turkey’s unique geographic position on the crossroads between East and West, we believe there is a significant opportunity to develop the existing Life Media portfolio into world leading events. In executing our 50/13 strategy we have a number of opportunities under review, including certain exhibition businesses in China. Our flexible balance sheet means that we are able to move swiftly in securing assets should the opportunity arise.”

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