Events group Hyve to sell its Russia business after boycott warnings

(Reuters) - British exhibitions group Hyve on Wednesday proposed to sell its Russian business, citing warnings from customers that they would boycott its Western events if it continued to operate in the country after its invasion of Ukraine.

Hyve said the proposed sale for a maximum price of 72 million pounds ($93.96 million) is also a result of compliance and operational challenges the company would face as a result of Western sanctions on Russia.

The potential buyer, Rise Expo Limited, is a new entity, incorporated as an international business company in the United Arab Emirates.

It will be majority owned by a German national with significant experience in the events industry on completion of the deal, Hyve said.

Hyve reported half-year revenue of about 58 million pounds ($75.74 million) to date ended Mar. 31, excluding Russian revenue of about 17 million pounds.

($1 = 0.7663 pounds)

(Reporting by Siddarth S in Bengaluru; Editing by Arun Koyyur)