Rise Expo Limited agreed to acquire Russian Business of Hyve Group Plc (LSE:HYVE) for £72 million on April 6, 2022. The consideration is wholly structured as an earnout amount which will be payable in cash in respect of each financial year following completion until September 30, 2032, based on profits after tax. Maximum Earn-out Consideration can be reduced to £60 million if all is paid prior to September 30, 2027. In the financial year ended September 30, 2021, the Russian operating segment generated revenues of £27.3 million and gross assets of £37.6 million. The transaction is subject to approval by shareholders of HYVE, approval by regulatory authorities and approval by HYVE's lenders. HYVE intends to use the net cash proceeds to repay its existing debt facilities and after a refinancing of its existing facilities intends to use the net cash proceeds in pursuit of its strategy. HYVE expects to report a loss on Disposal of its Russian Business. Charles Palmer and Dwight Burden of FTI Consulting LLP acted as advisors to Hyve Group. Nick Westlake, Matt Lewis and Hugo Rubinstein of Numis Corporation Plc (AIM:NUM) acted as financial advisors to Hyve Group. Ian Cooper, Ian Christie, Alistair Kelsey, Ollie Woodward, Calum Abbott, Rebecca Page of BDO LLP acted as accountants to Hyve Group Plc (LSE:HYVE).

Rise Expo Limited completed the acquisition of Russian Business of Hyve Group Plc (LSE:HYVE) on May 13, 2022.