Western and Oriental has announced the purchase of Eclipse Conference Management for £3.1 million.
The deal follows its acquisition of online luxury tour operator Key2holidays last week and is the company’s ninth since March last year.
Western and Oriental chairman David Howell said the second acquisition within days followed fundraising in June.
“This significantly increases our scale in the luxury conference and incentive market and brings an additional profitable business into the group,” he said. “We are now well placed to have a substantial effect on the sector.”
The deal involves a cash payment of £1.9 million and the issue of almost 12 million shares in Western and Oriental worth £1.2 million.
A further £1 million will be paid if Eclipse makes a profit of more than £437,000 in the year to the end of December.