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Providence to acquire UK events group

US private equity firm Providence Equity Partners is acquire UK exhibitions and events group Hyve in a deal that values the business at £481 million, according to reports. Providence has agreed to pay 108 per share after Hyve reportedly rejected offers of 101p and 105p from another unnamed bidder.

Hyve’s shares traded at as much as 610p just over a year ago, before Russia’s invasion of Ukraine and Hyve’s decision to dispose of its Russian business triggered an 85% drop in value.

The company’s stock was trading at 77p before it announced the two rejected offers.

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