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02/07/2007
The shareholders of EC&O Venues (Earls Court and Olympia Group), headed by Chief Executive Officer Anthony Lyons, have announced a 50:50 joint venture agreement with Capital & Counties, a subsidiary of Liberty International PLC.
Capital & Counties has agreed to acquire a 50 percent interest in EC&O for a sum that, taking account of all assets, debt and other liabilities of the business, values the company at approximately £375-380million.
The partnership will own and manage Earls Court and Olympia Exhibition Centres and the Brewery (Chiswell Street, London EC2) with the aim of establishing the venues as landmark leisure destinations, centred around the core businesses of exhibitions, conferences and special events.
Commenting on the establishment of the partnership, Anthony Lyons said “We came to this business with a plan to increase shareholder value and the equity and reputation of the brand. We are delighted to have created this relationship with Capital & Counties which will enable EC&O Venues to build on its position as owner and operator of London’s leading event venues."
Ian Hawksworth, Managing Director of Capital & Counties, commented “We are looking forward to participating in the future of EC&O and to enhancing its already excellent reputation whilst exploring opportunities to intensify use.”