Expomedia Group, which has interests in exhibitions, conferences, venue management and publishing, bought Homebuyer Events in a deal that could be worth £16 million.

The group agreed to pay £7.3 million on completion, plus £1.8 million for Homebuyer’s net assets. A further £6.9 million may be paid in cash based on the financial performance of the company over the next three years.

This is Expomedia’s third acquisition in the past month following its takeovers of The Spa Show, a spa holidays and treatments consumer event, and World Food Market, an ethnic food exhibition.

Homebuyer Events was established in 1989 and today hosts a series of property events in cities including London, Birmingham, Glasgow and Manchester. Its events include The Property Investor Show, a residential property exhibition.

The acquired business reported pre-tax profits of £223,000 and turnover of £5.1 million in its audited accounts to April 2006.