To pay approximately US$1 million for Munich-based Wetronic Automation GmbH, a LAN/WAN systems developer

March 9, 2001

1 Min Read

LONDON -- Fibernet Group plc [FIB LN] today announced that it has acquiredMunich-based Wetronic Automation GmbH as part of its continuing Europeanexpansion plans.Wetronic is a privately owned company specialising in LAN/WAN systems sales,services (including maintenance, project management, LAN analysis andreporting) and Internet Protocol traffic management. The company had aturnover of DM 8.5 million in the year to 31 December 2000, employs 18 staffand services 60 clients including Siemens, Alstom, Infineon, SantanderDirekt Bank and Compunet.

The cost of the acquisition totals DM 2.1 million - DM 1.3 million cash andDM 800,000 in shares. Of the total acquisition cost, Fibernet will pay DM500,000 for 100% of the issued share capital of Wetronic and will putWetronic in funds to repay a shareholder loan of DM 1.6 million, paid 50% incash and 50% in Fibernet shares. There is a lockup period of six months forthe issued shares.

Chief Executive, Charles McGregor said, "We are delighted to announce thislatest stage in Fibernet's European expansion programme. Wetronic is in anexcellent position to add value to our European operations and provide LANresources and skills for our operations in southern Germany. The companyhas very experienced, well-trained staff and an established customer basewhich we plan to invest in and further develop."

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