Euromoney Institutional Investor, the international business information and events group, has signed a binding agreement to sell the assets of its Mining Indaba business to ITE Group for £30.1 million ($39.1 million).

Mining Indaba’s annual event, Investing in African Mining Indaba, is one of the world’s largest mining investment conferences, dedicated to the capitalisation and development of mining in Africa.

Euromoney only acquired Mining Indaba in July 2014, paying £45.3 million in cash to get its hands on the brand.

The company said the sale was in line with its strategy of actively managing its portfolio of assets and selling businesses “which do not fully align with its strategy, providing Euromoney with further capital to recycle towards its main investment themes”.

Andrew Rashbass, CEO of Euromoney, said: “We have agreed to sell Mining Indaba to ITE which will be a good home for it. Mining Indaba performed well this year and this disposal is another example of Euromoney’s strategy in action: where a good business does not align with our strategy, we will sell it and recycle capital towards our main investment themes including price discovery, asset management and telecoms.”

For the year ended September 30, 2017, Mining Indaba reported an adjusted operating profit of £2.5 million.

The £30.1 million consideration is fixed and will be received in cash in two tranches, £20 million at completion and the balance by June 1, 2019. The sale is expected to complete in late October 2018.

ITE Group says it has plans to create “the world’s leading portfolio of content-driven, must-attend events delivering an outstanding experience and return on investment for our customers”.