18 Nov Mining Indaba parent company Hyve agrees to acquire 121 Group
Global events business Hyve Group has agreed to acquire 121 Group Ltd and 121 Partners Ltd, in a move that will create synergies between 121 Group’s Cape Town meeting programme and the Investing in African Mining Indaba.
The initial cash consideration will be US$28 million (£20.7 million), although the estimated total consideration after earn-out is likely to be at least $56.6 million (£42 million).
121 is an omnichannel meetings programme organiser focused on the mining sector across the EMEA, North America and APAC regions, while Hyve’s Cape Town Mining Indaba remains Africa’s largest mining investment event.
The acquisition is likely to accelerate the development of Hyve’s omnichannel strategy, as 121 moved exclusively to online meetings during the COVID-19 pandemic, achieving higher margins while remaining profitable. Therefore, the deal presents an opportunity to create an omnichannel platform for African mining and investment communities.
The group has benefited from first mover advantages, establishing itself as a leading one-on-one meetings provider for the mining investment communities since 2014.
“I am delighted to announce that Hyve Group has agreed to acquire 121 Group, to further strengthen our omnichannel strategy and digital product portfolio. 121 is a fantastic business with market-leading status and strong advocacy and I am looking forward to working with the team,” tweeted Hyve CEO Mark Shashoua earlier today.