Hyve, the London-listed exhibitions group, has struck a deal to offload its operations in Russia in the latest example of the corporate exodus from the country.

Sky News has learnt that Hyve will announce to the stock market on Wednesday morning that it has agreed to sell its business in Russia for a price believed to be in the region of £100m.

City sources said the sale price would trigger a loss on disposal, but was nevertheless likely to be welcomed by shareholders in the wake of Vladimir Putin’s invasion of Ukraine.

The buyer is understood to be a Middle East-based entity, although its identity was unclear on Tuesday evening.

Hyve’s biggest show in Russia is Mosbuild, an annual event focused on the construction and interiors industries.

In total, the company’s operations in Russia accounted for 27% of group revenues last year.

Hyve, which has a market value of about £215m, has seen its shares halve over the last 12 months as the industry has struggled to recover from the pandemic.

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In a statement last month, it said it had “made a decision to formally exit the Russian market”.

“Hyve recognises the impact this will have on its colleagues and remains determined to find an outcome which offers assurance and stability for all those affected.”

A spokesman for Hyve declined to comment on Wednesday.

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