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Daily Mail Pays $155 Million to buy out GLM in U.S.

U.K. newspaper publisher Daily Mail and General Trust said on Tuesday its exhibitions arm was paying $155 million to buy the remaining 51% stake in George Little Management, the largest privately owned tradeshow company in the United States.

The U.S. business will become wholly owned from Oct. 1, Daily Mail said, adding that the deal would lead to it running more exhibitions than any other organiser in North America.

GLM, which runs the New York International Gift Fair, posted an operating profit of $18 million on revenue of $70 million in the year to end-September, 2006.

Daily Mail said it expects the transaction to be earnings enhancing before amortisation on completion of the deal.

Daily Mail's exhibitions division has held a 49% stake in GLM since January.

The U.K. company acquired an initial 25% stake in GLM seven years ago, and had an agreement whereby it could buy the outstanding shares in GLM by 2014.